Nationwide’s Regional House Price Quarterly Review revealed the average change in property price between quarter two and three was 2.1 per cent nationwide, seasonally adjusted. Annual change reached 6.9 per cent, with the average property price in the quarter climbing up to £168,460, from £165,035.
Commenting on the review’s findings, Fionnuala Earley, group economist at Nationwide, said: “House prices increased in every region of the UK over the last 12 months, supported by robust economic conditions and high levels of immigration across all parts of the UK. Northern Ireland and Scotland continued to see double digit house price growth, but Wales lagged behind the average for the UK with an annual rate of 4.6 per cent. Within the English regions, the London property market was the best performer with annual house price growth of 7.3 per cent.”
The report showed that property price growth in Northern Ireland (NI) had exceeded all previous records, with an increase of 33.4 per cent within 12 months. Property prices in London increased by 7.3 per cent over the past year, while house prices in Scotland increased by over 15 per cent during the same period. Wales recorded the slowest rate of growth, at 4.6 per cent, compared to 6.9 per cent in the UK.
Ken Sives, partner at Sives Financial Services, based in Larne, NI, said: “Prices in NI have been going crazy over the last year or so. A property that 12 months ago was worth £75,000 is now selling for about £120,000. It doesn’t make it any easier for first-time buyers (FTBs), but this increase in property prices has squeezed some property investors out of the market.”
