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The London housing market continued to stride out ahead of the English regions in the final quarter of 2006.
As Nationwide reported at the end of December, the annual rate of house price growth returned to double digits for the first time since Q3 2004, reaching 11.3%, well above the UK average of 9.3% and only slower than the booming markets of Scotland and Northern Ireland.
Today nationwide released the figures for London, which show an 11.3% annual rise averaged over London with Inner London West rising by 16%.
|
Q4 2006 |
London |
UK |
|
House price |
£269,327 |
£172,065 |
|
Annual change |
11.3% |
9.3% |
|
Seasonally adjusted index (Q1 1993 = 100) |
402.4 |
345.1 |
|
Seasonally adjusted quarterly change |
4.1% |
3.3% |
Fionnuala Earley, Nationwide's group economist, said: “The price of houses in London continues to dwarf those in other parts of the country. The typical house in London costs £269,327 - more than one and a half times higher than the average price in the UK of £172,065.”
“House prices also increased by more per day in the capital during 2006. A typical house in Greater London increased by more than £75 per day, compared with the UK average of £40 per day."
Sub regional analysis
“Just as the national data disguises differences in house prices throughout the UK, looking at the regions disguises movements in local house prices. To look at these developments more closely the area can be divided into sub-regions,” Said Ms Earley.
|
Nationwide Sub-Regions |
Price in 2006 Q4 |
% change over 10 years |
% change over 5 years |
% change over 1 year |
|
Inner London – East |
£303,388 |
288% |
63% |
14% |
|
Inner London – West |
£403,326 |
223% |
49% |
16% |
|
Outer London – East and North East |
£232,622 |
233% |
59% |
9% |
|
Outer London – South |
£255,361 |
220% |
52% |
9% |
|
Outer London – West and North West |
£293,025 |
236% |
54% |
8% |
|
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