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UK house prices edged up by 1% over the course of 2011

  • House prices declined by 0.2% in December, but increased by 1% in 2011 as a whole Price of a typical home is now £163,822
  • London sees strongest growth in 2011, but less regional variation in house prices compared with previous years

Headlines December 2011

November 2011

Monthly Index* 331.2 332.0
Monthly Change* -0.2% 0.4%
Annual Change 1.0% 1.6%
Average Price £163,822 £165,798

* Seasonally adjusted figure (Note that monthly % changes are revised when seasonal adjustment factors are re-estimated)

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

"The 1% rise in house prices recorded over the past twelve months could hardly be described as a strong performance, but against a backdrop of anaemic economic growth and a deteriorating labour market, UK house prices were surprisingly resilient in 2011.

Resilience was less evident in other areas of housing market activity in 2011. For example, the number of mortgage approvals remained low, at just over half the long-term average."

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