Nationwide: house prices increase £30 a day

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Nationwide: house prices increase £30 a day

Since 2005, UK property prices have increased by £30 per day, new research by the Nationwide building society has found.

Nationwide's regional price index shows that the average house price rose from £157,627 last year to £168,460 in 2006, while a 6.9 per cent increase was reported within the third quarter.

Nationwide group economist Fionnuala Earley stated: "The London market stepped out in front of all other English regions in the third quarter. Prices in the capital increased by 7.3 per cent in the last year, compared with the average in England of 5.3 per cent."

"House prices in Northern Ireland increased by an incredible 33.4 per cent in the last twelve months. This is the fastest ever rate of growth in Northern Ireland and almost five times faster than the average for the UK," Ms Earley added.

The housing market was said to be buoyed by a "robust" economy, high demand for property, especially in London and rising immigration levels.

In particular, London can be seen as driving up the entire average UK house price with a rise of 7.5 per cent occurring in the capital and an average house price of £259,646.

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