New figures from Nationwide show house prices rising by 0.3 per cent in June, inline with expectations, from 0.4 per cent prior (release). That puts house price growth at 1.9 per cent in the year to June, slightly below expectations of a 2.0 per cent rise.
The Nationwide Housing Prices index revealed the continued rise of London house prices, up 5.2 per cent in the year to June. As a result, the average house price in London has hit a record £318,214 (near twice the national average of £167,912)
Robert Gardner, Nationwide's chief economist, said:
The annual rate of house price growth increased to 1.9% in June - the fastest pace since September 2010.
In the UK as a whole, house prices are still around 9% below their pre-crisis peak. By contrast, London house prices reached a new all time high, 5% above their pre-crisis level.