The Nationwide released some interesting figures from it’s latest house price index as at the end of June 2012.
According to Nationwide, 9 out of 13 UK regions experienced falling house rices, with only London, Outer Metropolitan areas and West Midlands seeing rising values.
Whilst the second quarter of 2012 saw a 1% drop in UK house prices, which is now a 1.1% drop for the last 12 months, London actually saw an increase of 1% for the quarter and 1.2% for the last 12 months.
That means prices in London have now recovered to what they were before the world went into turmoil in 2008.
The average cost of buying a home in London now stands at £302,399 and in the UK at £164,955. With such variations across the UK it is also worth noting that the north-south divide is widening with prices in Northern Ireland, Scotland and Wales falling by as much as 4.3% over the last 12 months. That is of course great news if you are looking to buy in those areas.
Needless to say the outlook for house prices remains uncertain which is good news if you are saving up to buy a new home.
There are a couple of good articles on the Investor Profile Facebook page (http://www.facebook.com/InvestorProfile) relating to this news reported by Moneyfacts and Moneywise. In fact, Twitter and Facebook are now the best way to keep up to date with the latest money related articles shared by Investor Profile.