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Average house prices in England increased by 1.2 per cent in the third quarter of 2014 and were up 12.8 per cent year-on-year according to the Nationwide - but the society emphasises that the rate of growth is slowing in most areas.

However the gap between the North and South persists. Prices in the south of England were up 15.3 per cent year-on-year while in the north prices rose just 6.7%. Price growth in the south has now exceeded that of the north for 22 consecutive quarters.

London was once again the best performing region with prices up 21.0 per cent over the last 12 months. The north of England was the weakest performing English region, with annual growth of 4.3 per cent.

Amongst England's other major towns and cities, St. Albans was the top performer, with prices up 24 per cent year-on-year. Newcastle was the worst performing city, up a mere four per cent.

London saw a softening in annual price growth from 25.8 per cent in Q2 to 21.0 per cent in Q3. Average prices remain in excess of £400,000 and are now 31 per cent above their 2007 pre-downturn peak.

But Nationwide says the annual pace of growth in the capital will probably continue to slow in the quarters ahead, given the high base for comparison in the next few quarters and also anecdotal evidence from surveyors and estate agents that activity may be starting to moderate.

Amongst London's boroughs, Camden saw the strongest growth, with a remarkable 42 per cent year-on-year increase in average prices.

Wales was one of only two regions to see a quarter-on-quarter fall in house prices in Q3, with a 0.8 per cent decline and with the annual rate of growth softening to just 5.0 per cent.

Annual price growth in Scotland remained relatively stable at 5.2 per cent. Aberdeen City was the best performing area, with prices up 12 per cent on the previous year.

House prices in Northern Ireland were up 10.2 per cent in the past three months compared with Q3 2013. However, average prices are still nearly 50 per cent below their 2007 peak.

Belfast remains the most expensive area and says the biggest growth in the past year -= up 21 per cent.


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