Double digit property price growth

The Nationwide's House Price Data show have reported double digit growth in prices.  With the average UK property price increasing by 10.9% between April 2013 to April 2014 according to the bank's figures.

Robert Gardner, Nationwide's Chief Economist, said:

“After several months of moderation, the pace of house price growth picked up in April, with prices rising by 1.2% during the month. As a result, annual house price growth has reached double digits for the first time in four years, with the price of a typical home 10.9% higher than April 2013."

He did then caution that the new more restrictive lending practices brought about by the recent introduction of the Mortgage Market Review (MMR) could impact on market activity over the coming months.

London and the South East is still out performing the rest of the country, with prime property in these areas still fuelling much of the boom.

Robert Gardner commented 

“Interestingly, price growth in London and the South East appears to be being driven by the top end of the market, with higher priced locations recording stronger price growth."

More comment on the Nationwide's property price data from the Financial Times.