Latest Public Sector News

03.01.13

1% fall in house prices over 2012 – Nationwide

House prices ended 2012 down by 1%, new data from the building society Nationwide demonstrates. Variation in prices across the UK also shows a deepening of the north-south divide.

In December, house prices fell by 0.1%, and the average price was £162,262, the figures show.

Prices varied considerably depending on the area of the UK, the quarterly regional data shows. Over the year, prices fell by 8.2% in Northern Ireland, 0.4% in England, 2.7% in Wales, and 3.3% in Scotland. Homes in the south are now around £95,000 more than those in the north.

According to the society, the average price of a home across the north of England, Yorkshire & Humberside, the north-west, East Midlands and West Midlands was £133,778, versus an average of £228,257 across East Anglia, the south-east, London and the south-west.

Nationwide’s chief economist Robert Gardner, said: “The outlook remains uncertain. Continued low interest rates and policy measures such as the Funding for Lending Scheme should provide some support.

“But, with the economic recovery expected to remain fairly weak, the market is likely to be characterised by low levels of activity again in 2013, with prices remaining flat or modestly lower over the course of the year.”

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