House Prices Driven By London

House Prices Driven By London.

The first set of figures for house prices has been released by Nationwide showing the average house price is now valued at around £175,000. The data is based on the lender’s own mortgage data so it does not show the figures for the whole market.

The survey showed that house price growth rose 14.9% in the final quarter of 2013 when compared with 2012.

This house price rises and growth in the market is thought to be linked to the London housing market, which according to the Office of National Statistics (ONS) saw a 12% increase in recent months.

London was seen to have had the best growth when compared with the rest of England, in the North of England there was only an annual price rise of 1.9%.

The Governments new Help to Buy scheme is also proving popular among new home buyers with 6,000 applicants making offers on homes since the scheme was started 3 months ago. However Prime Minister David Cameron denies that the Help to Buy scheme is pushing up house prices.