03.10.2014

Average UK House Prices Drop To £188,374

New research published by Nationwide has revealed that property prices in the UK have fallen for the first time in 17 months, with the company recording a 0.2 per cent drop in average prices in September.

This equates to around £1,000 coming off the average house price, which now stands at £188,374.

According to Nationwide, the drop in overall average prices does not take into account regional variations, as average prices in London reached a record high of £401,000, taking them 31 per cent above the pre-recession peak witnessed in 2007.

Despite a reduction in average values in the month of September, the majority of regions have witnessed significant growth over the last 12 months. Property prices in St Albans have increased 24 per cent on 12 months ago and the borough of Camden, London has seen annual price growth of 42 per cent.

Prices are around two per cent above their pre-recession peak. Experts have predicted slower growth in the final three months of the year, but are positive about the housing market as a whole.

Expert Opinion

While average house prices have seen a slight dip in September, the big picture still looks extremely positive for the housing market, with increased activity and rising prices. <br/> <br/>“With such a competitive housing market in operation in many regions of the UK, it crucial purchases are completed quickly and efficiently. <br/> <br/>“Anyone planning a home move, no matter what their circumstances, should instruct a legal advisor as soon as possible to ensure they have access to the best possible advice throughout their purchase, which will ensure the sale is completed as soon as possible.” Helen Hutchison - Partner