UK house price index: North Wales one of the worst performing regions

The average price of a house in Wales rose by 5.2 per cent year on year, to £139,911 according to the Nationwide House Price index

UK house prices increased by 0.4% in March, year on year the average UK house price rose by 9.5% which takes the typical property value to £180,264

North Wales was the weakest performing area in Wales which saw growth of just 2% over the first quarter.

Prices in Wales increased by 1.1% in Q1 on a seasonally adjusted basis, though there was a slowdown in the annual growth rate, from 6.1% to 5.2%, Wales was the weakest performing UK region in the first quarter.

Cheshire saw a 3% increase in the first quarter and an annual rise of 9% with the average house price now £191,001

Merseyside saw an annual change of 8% and a first quarter rise of 7% the average house price now there now stands at £156,464

Bounce back:

Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said:

“Annual house price growth continued to surge in London, rising to 18% in Q1, the highest growth rate since Q1 2003. Prices in the capital are now 20% above their 2007 peak, with the price of a typical London home at £362,699. Prices in Northern Ireland were up 5.4% year-on-year in Q1, although average prices are still around half the level prevailing in late 2007. Scotland saw a 7.6% annual increase in prices, the strongest pace of growth since Q4 2007. Wales was one of the few regions to see a slowing in annual price growth, from 6.1% in Q4 to 5.2% in Q1.