Regional residential report - The rise of the regions
A surprisingly strong end to the year as the economy continues to grow following the EU referendum result. The residential market is stable although overall transaction levels remain subdued.
National house price growth dipped slightly this quarter, with an annual change of 4.5% at the end of Q4; down from 5.4% last quarter, and leading to an average UK house price of £205,937.
The only region to show double digit growth this quarter was East Anglia, where 10.1% annual growth was posted, far and away the best performing region, with the next highest region being the Outer South East (according to Nationwide data). Outer South East saw house prices grow annually by 6.9%, followed by Outer Metropolitan area with 6.8% and the East Midlands with 4.9% growth. London was once again outside the top regions for price growth, posting just 3.7% annual house price growth, marking the first time London’s growth was lower than national growth, since 2008.