House prices rose in 2009

The latest house price data from Nationwide has revealed that most UK regions saw price rises over 2009.

House prices rose in all regions except Northern Ireland during the fourth quarter of 2009 and southern regions continued to experience stronger growth than northern regions. London saw the strongest growth in the quarter and also over the year.

The average house price is the 4th quarter of 2009 was £162,116 – a quarterly change (seasonally adjusted) of 1.6% and an annual percentage change of 3.4%.

Commenting on the figures Martin Gahbauer, Nationwide’s Chief Economist, said:

“The final quarter of 2009 saw a slowing in the quarterly rate of house price growth across the majority of UK regions, but most regions ended the year with average prices higher than at the end of 2008. For the UK as a whole, prices rose by 1.6% in the fourth quarter, leading to an increase in the annual rate of change from -3.0% in the third quarter to +3.4%.”

“Whilst the strong housing market performance of the 2000s is good news for homeowners, it is less positive for those looking to get on the housing ladder. Affordability has improved since the peak in house prices in 2007, but we will enter 2010 with house price to earnings ratios across the regions at a much higher level than the start of any other decade.”