House price rises hit double digits

House price rises hit double digits

Annual house price growth in the UK has hit double digits for the first time in four years, the Nationwide has said.

In the year to April, prices rose by 10.9%, the first annual double-digit growth since April 2010 and the fastest rate since June 2007. The news may scotch other suggestions that the housing market has been cooling over the last few months.

This week the Land Registry - which records actual sales - said prices fell by 0.4% in March. But the Nationwide believes prices have now resumed their upward trend, saying that the average UK house price now stood at £183,577.

Once again, the figures hide a sharp contrast between London and the rest of the UK. Prices in the capital are now about 20% higher than they were before the financial crisis of 2007-08, said the Nationwide. But prices in the rest of the country are still around 2% lower than their pre-crisis peak.

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