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| London house price gap at record high, says Nationwide | London house price gap at record high, says Nationwide |
| (35 minutes later) | |
| 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. | 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. |
| 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. | 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. | 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. | By contrast, prices in north west England and Scotland actually fell. |
| It follows similar evidence from the Land Registry earlier this week. | 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. | 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. | 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 house price now at £195,585. | |
| 'New highs' | 'New highs' |
| 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 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 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 of a typical home in the capital - £443,399 on our measure - is more than double the UK aggregate." |
| In Scotland, prices fell by 1.3% in the year to September. In north west England they were down by 0.6%. | |
| The price gap between the north and south of England has also continued to grow, for the 26th consecutive quarter. | 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. | 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. | In northern England - including the Midlands, Yorkshire and Humberside - prices rose by just 1% over the same period. |