House prices fall 1 per cent in 2012

UK house prices fell by 1 per cent on average in 2012, with London bucking the trend and recording the strongest annual price change.

According to the Nationwide house price index out this morning, house prices slid 0.1 per cent in December, with the average house price sitting at £162,262.

According to its quarterly data, over the past 12 months, house values in London rose 0.7 per cent to an average price of £300,361. On a borough by borough basis, Southwark saw the strongest house price growth with prices up 11 per cent.

The lender added that prices in the capital are now just one per cent below their 2007 peak.