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House price growth picked up in September, Nationwide says London house price gap at record high, says Nationwide
(about 1 hour later)
The annual pace of UK house price growth picked up in September, according to the Nationwide. The house price gap between London and the rest of the UK has risen to a another record high, according to the Nationwide Building Society.
Prices grew at an annual rate of 3.8%, compared with 3,2% in August, the building society said. The average home-owner in the capital could now swap their property for three and a half similar homes in the north of England, the survey shows.
In the three months to the end of September, prices in London surged by 10.6%, Nationwide said.
By contrast, prices in north west England and Scotland actually fell.
It follows similar evidence from the Land Registry earlier this week.
In the meantime the annual pace of UK house price growth picked up in September.
Prices grew at an annual rate of 3.8%, compared with 3.2% in August, the building society said.
Property values were 0.5% higher in September compared with the month before, with the average property price now at £195,585.Property values were 0.5% higher in September compared with the month before, with the average property price now at £195,585.
Nationwide said there were signs house price growth "may be stabilising close to the pace of earnings growth". 'New highs'
"However, the risk remains that construction activity will lag behind strengthening demand, putting upward pressure on house prices and eventually reducing affordability," said Robert Gardner, Nationwide's chief economist. The average price for a property in London is now 127% more than in the UK as a whole, according to the Nationwide - the highest premium ever recorded.
"The gap between London house prices and the rest of the UK has continued to reach new highs," said Robert Gardner, Nationwide's chief economist.
"The price of a typical home in the capital - £443,399 on our measure - is more than double the UK aggregate."
The price gap between the north and south of England has also continued to grow, for the 26th consecutive quarter.
The cost of an average home in the south - including the South West and East Anglia - rose by 8% in the year to the end of September.
In northern England - including the Midlands, Yorkshire and Humberside - prices rose by just 1% over the same period.