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House prices up 6.5% - says Nationwide

House prices up 6.5% - says Nationwide

Category: Mortgages

Updated: 29/11/2013
First Published: 29/11/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices across the UK are now 6.5% higher than November 2012, according to Nationwide's latest House Price Index.

This compared to a 5.8% annual rise in October.

The country's second largest mortgage lender also revealed that between October and November prices had increased by 0.6%, bringing the cost of an average home to £174,566 – the highest since April 2008.

While the latest figures from Nationwide may fuel concerns that house prices are rising too quickly, data from the Land Registry, published earlier this week, unveiled a slightly less optimistic picture, with prices in England and Wales falling 0.2% between September and October this year. Compared to October last year, average prices were shown to be 3.1% higher.

Additionally, analysis by Countrywide using Land Registry figures has revealed that property prices in most parts of the UK are yet to reach pre-crisis levels – house prices have surpassed their 2008 peak in only a fifth (71) of the 326 local authorities.

And when taking into account inflation, only 11 of the authorities have recorded price increases in real terms, all of which are located in London.

Commenting on the figures, editor of Moneyfacts.co.uk Sylvia Waycot said:

"The variance in opinion on house prices highlights the old 'lies, damned lies, and statistics' maxim. The truth is that on an individual basis, the rise or fall of a house price is only relevant if you are looking to sell or buy a home."

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