“UK house prices surpass 2007 peak,” says Nationwide

July 10th 2014
By: Melanie Hollidge

The Nationwide has said that “UK house prices have risen above their peak of 2007, after prices climbed 1% in June and were up 11.8% from a year earlier.”
Prices are expected to slow in London from July onwards, according to ‘anecdotal evidence’ from many surveyors and estate agents. 
Nevertheless, the building society has said the average value of a property in London has exceeded £400,000 for the first time compared to the national average of £188,903.
“A few months ago, buyers were offering very strong prices on some very average properties, the silly season in the capital seems to have passed,” according to Martin Humphreys, director of Goodfellows.  He went on to add “buyers are now taking their time and making considered offers.  We are definitely seeing fewer properties going over the asking price.”
Bank of England data shows that mortgage approvals, which signal future house sales, have slowed in the last few months.
Annual change in house prices
Region                                    Average price                        Annual change
London                                   £400,404                                    25.8%
Outer London                          £295,543                                    16.4%
South East England                  £230,409                                      14%

Source: Nationwide