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British property prices up £20,000 in a year

HOUSE values have surged ahead by £20,000 in the last 12 months, Britain's biggest building society announced yesterday.

HOUSE values have surged ahead by £20,000 in the last 12 months, Britain’s biggest building society announced yesterday.

The price of a typical home across the UK rose to £188,810 at the end of the third quarter of 2014 - a rise of £19,845 on the same time frame in 2013, reported by Sarah O’Grady in the Express.

Values were up 10.5 per cent on the same three months - July, August and September - last year and up 1.5 per cent compared with the previous three months, according to the Nationwide.

Every region across the UK recorded year-on-year house price gains, from 21 per cent in London to 4.3 per cent in the north of England.

Often cited as more volatile than the quarterly trend, September’s fall of 0.2 per cent was the first month-on-month decrease in more than a year.

Year-on-year house price growth slowed to 9.4 per cent in September, from 11 per cent in August. Year-on-year price growth had previously been hitting double digits since April, according to the building society’s study.

Robert Gardner, Nationwide’s chief economist, said low interest rates and the strong labour market “suggest that underlying demand is likely to remain robust”.

In the North West of England, prices have pushed up by 6.1% annually, while those in Yorkshire and Humberside have seen a 5.5% rise. In the West Midlands and East Midlands, prices have increased by 8.6% and 7.8% respectively.

Newcastle was named as the worst-performing city, with a four per cent annual price increase taking average values there to £182,506. It was followed by Coventry, Leicester, Cardiff and Manchester on the worst-performing list. 

Values in Coventry have edged up by five per cent year on year, while in Leicester they have increased by six per cent and in both Cardiff and Manchester they have lifted by seven per cent.

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