Property prices rise at fastest rate since 2010 say Nationwide

According to Nationwide’s monthly House Price Index, the average UK home gained 0.3% this month to stand at £168,941. The growth follows a 0.4% gain in April.

Property prices are now 1.9% higher than they were in June 2012 – the biggest annual increase recorded since September 2010.

Overall, 10 out of the UK’s 13 regions recorded positive growth. East Anglia was the strongest performing region, with annual price growth of 3.6%, whilst Yorkshire & Humberside was the weakest English region, with prices down 0.8% over the year.

Prices also fell annually in Scotland (-1.2%) and Northern Ireland (-2.1%).

Annual house price growth softened in Wales from 2.5% to 1.2%, but remained in positive territory.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “A number of factors are likely to be contributing to the recent acceleration. Demand for homes has been supported by further modest gains in employment, as well as an improvement in the availability and a reduction in the cost of credit, partly as a result of policy measures, such as the Funding for Lending Scheme. Signs of a modest improvement in wider economic conditions may also be playing a role in boosting buyer sentiment.

“At the same time, there are few signs that the supply of housing is improving significantly. Indeed, construction data point to a further decline in building activity in recent quarters from already depressed levels. For example, in Q1 2013 housing completions in England were down 8% compared to the same period of 2012 and around 40% below the average number of quarterly completions in 2007”.

On an annual basis, London continued to lead the way, with average values in the capital up 5.2% to stand at £318,214.

Welsh seaside town saw prices rise 134%

House prices in the North Wales town of Porthmadog  have skyrocketed 134%  over the  last decade - the fastest rise of  any seaside town in Wales and  England.

The annual Halifax Seaside Town Review tracks house price movements in 136 seaside 

towns in England and Wales.

The average cost of a home in  the Gwynedd town is £162,638 -  in 2003 it was around £54,000, 

 The figures, released by Halifax  show Porthmadog top the poll ahead of  Seaham and Newbiggin-by-the-Sea which  came in  second and third places respectively. 

Both these coastal towns  are in the North East and have  seen house prices more than  double over the last decade.

The only seaside towns in the  south of England to make it on  to the “top 10” fastest rising  house prices list were St Mawes  and Perranporth, which are  both in Cornwall.

The coastal towns at the top  of the list tend to have seen  prices rising sharply from a relatively low base.

The UK 's Most Expensive Streets

The UK 's Most Expensive Streets

Rather unsurprisingly, the most expensive residential streets in England are in the Royal Borough of Kensington and Chelsea, according to latest research from Lloyds TSB.

Close to fashionable shops and top end restaurants, Egerton Crescent (pictured) is the most expensive residential street in England and Wales with an average property value of over £8 million (£8,136,000). Some of the other expensive streets in the Royal Borough include Campden Hill Crescent with an average property price of £4,863,000, Blenheim Crescent (£4,728,000), Lansdowne Road (£4,693,000), Drayton Gardens (£4,428,000) and Eaton Square (£4,391,000).

Parkside in Merton, South West London, is the nation’s second most valuable address with an average house price of £5,161,000. Home Park Road, also in Merton, is the sixth most expensive street with an average property price of £4,685,000.

Here’s a roundup of the rest of the results:

East Anglia
Seven of the 10 most expensive streets in East Anglia are in Cambridge. Most of these streets are close to the main University area (particularly around the Botanic Gardens) in the CB2 postal district. The most expensive streets are Sedley Taylor Road with an average house price of £1,147,000 and Hills Road (£1,012,000).

East Midlands
Valley Road in the Nottingham suburb of West Bridgford is the most expensive street in the East Midlands with an average price of £811,000. Other expensive streets in the region include Golf Lane in Northampton (£810,000), Hazelwood Road in Belper (£791,000), Tinwell Road in Stamford (£759,000) and Belfry Lane in Northampton (£747,000).

North East
Many of the most expensive streets in the North East are in Newcastle, particularly in the areas of Jesmond and Gosforth. Graham Park Road is the most expensive with an average price of £1,124,000, followed by Darras Road (£849,429) and Oakfield Road (£793,000). Other streets include Castlereigh in Billingham (£756,000) and Westhouse Avenue in Durham (£944,000).

North West
The most expensive street outside southern England is Park Lane in Altrincham (£2,109,000); followed by Withinlee Road in Macclesfield (£1,649,000) and Thorsway in West Kirby (£1,584,000). Eight of the 10 most expensive streets in the North West are in areas south of Manchester, such as Macclesfield Road (£1,290,000) in Alderley Edge.

South East
Seven of the 10 most expensive streets in the South East are in Surrey. They include Woodlands Road West in Virginia Water (£3,201,000), Leys Road (£3,018,000) and Moles Hill both in Oxshott (£2,800,000). Outside Surrey, the South East’s most expensive streets are The Ridgeway in Radlett (£2,368,000) and Phillippines Shaw in Sevenoaks (£2,250,000).

South West
A place near the sea attracts many wealthy buyers. These include Brudenell Avenue in Canford Cliffs, which has an average property price of £1,975,000; followed by Mudeford in Chrischurch (£1,665,000), Panorama Road (£1,641,000), Chaddesley Glen both in Sandbanks (£1,599,000) and Restronguet Point in Truro (£1,572,000).

West Midlands
The two most expensive streets in the West Midlands are Church Street in Broadway, often known as the “Jewel of the Cotswolds” with an average property value of £1,117,000 and Quarry Park Road in Stourbridge (£1,015,000). There are two other streets with an average value of over £900,000: Rosemary Hill Road (£990,000) and Lovelace Avenue (£959,000.

Yorkshire and the Humber 
The most expensive streets in Yorkshire and the Humber are all located in the area that makes up the “Golden Triangle” between Harrogate, Wetherby and north Leeds. The region’s most expensive streets are Rutland Drive in the spa town of Harrogate (£1,109,000) and Wigton Lane in North Leeds (£1,035,000). Other exclusive addresses include Queens Parade in Harrogate (£971,000), Bracken Park in Leeds (£934,000) and Gill Bank Road in Ilkley (£874,000).

Wales
The most expensive street in Wales is Druidstone Road in Cardiff with an average house price of £682,000; followed by Gannock Park in the village of Deganwy in Conwy (£636,000), Lake Road West in Cardiff (£636,000) and East Cliff in Pennard in Swansea (£608,000). Seven of the 10 most expensive streets in the Principality are in Cardiff and Swansea; the remaining two are, Llantrithyd Road in Cowbridge (£600,000) and Deganwy Quay in Conwy (£532,000).

Latest house price date from Office of National Statistics

The ONS released their latest house price statistics today with more evidence that the housing market is starting to pick up pace pace in England and Wales, with London leading the way.

Key points from ONS today

• In the 12 months to March 2013 UK house prices increased by 2.7%, up from a 1.9% increase in the 12 months to February 2013.
• House price growth remains stable across most of the UK, although prices in London are increasing and prices in Northern Ireland are falling.
• The year-on-year increase reflected growth of 3.0% in England and 1.2% in Wales, which were offset by declines of 1.7% in Scotland and 2.0% in Northern Ireland.
• Annual house price increases in England were driven by a 7.6% rise in London and a 3.3% increase in the South East. The East saw a 2.8% increase, West Midlands 2%, North East 1.8%, East Midlands 0.3%, North West unchanged, while in the South West prices fell 0.3%.
• Excluding London and the South East, UK house prices increased by 0.6% in the 12 months to March 2013.
• On a seasonally adjusted basis, UK house prices increased by 0.4% between February and March 2013.
• In March 2013, prices paid by first-time buyers were 1.3% higher on average than in March 2012. For owner-occupiers (existing owners) prices increased by 3.2% for the same period.  

Average house prices in countries and regions

Average mix-adjusted house prices in March 2013 stood at £244,000 in England, £157,000 in Wales, £130,000 in Northern Ireland and £178,000 in Scotland.

In March 2013, London continues to be the English region with the highest average house price at £398,000. The North East had the lowest average house price at £144,000. London, the South East and the East of England all had prices higher than the UK average price of £235,000.

House Price Index by type of buyer

The average price for properties bought by first-time buyers increased by 1.3% over the year to March 2013, down from an increase of 1.6% in February 2013. During March 2013 the average price paid for a house by a first-time buyer was £175,000.
The average price for properties bought by former owner-occupiers (existing owners) increased by 3.2% in the year to March 2013, up from an increase of 2.0% in February 2013. In March 2013, the average price paid for a house by a former owner-occupier was £270,000.

House Price Index by new and pre-owned dwellings

During the year to March 2013 prices paid for new dwellings increased by 1.0% on average, compared with a decrease of 0.3% in the year to February 2013. The average UK house price for new dwellings in March 2013 was £230,000.
During the year to March 2013 prices paid for pre-owned dwellings increased by 2.8% on average, compared with an increase of 2.0% in the year to February 2013.