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Price Of Property For Sale Rose In 2011
The price of property for sale registered an overall increase of one per cent during 2011, with London seeing the strongest growth.
According to new figures from Nationwide, the average property price in the UK now stands at £163,822.
Although this is 0.2 percent lower than the £165,798 recorded in November, house prices overall recorded an average increase of one per cent for the year.
Nine of the 13 regions in the UK registered house price growth in 2011, with London experiencing the highest levels of growth, although regional variations are lower than previous years.
Robert Gardner, Nationwide's chief economist, said: "The one per cent 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."
The news of house price growth comes after the Building Societies Association revealed consumer confidence in the housing market is on the up.
Some 44 per cent of Brits thought December was a good time to buy, compared to 41 per cent in March 2011.
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Notes for Editors:
Article date: 1/3/2012 12:00:00 AM