House Price Rise Fastest Since 2007

House Price Rise Fastest Since 2007.

Nationwide has produced figures that show in the year up to April, house prices have increased 10.9%, this is the fastest pace since 2010.

It comes as no surprise that the area’s leading the pace are London and the South East. This means that the average house price in the UK is around £183,000.

The data released by Nationwide may alter suggestions that the housing market has seen a cool down over recent months.

Prices in London are around 20% higher than they were pre-financial crisis, but the rest of the country is not rising at the same pace and is still currently 2% lower than the peak before the financial crisis.

The next few months may see the housing market slow down as new rules on stricter mortgage lending begins, the new rules will require a more detailed review of affordability and further personal questions.