The value of homes in the majority of the UK's regions fell in the third quarter of this year. This is according to the latest Nationwide House Price Index, which revealed prices were down by an average of 0.5 per cent nationally, compared to the three months from April to June, and by 1.6 per cent on an annual basis. Unsurprisingly, London remained the top-performing region in the survey, with its house prices up by 2.1 per cent in the third quarter, compared to the same period in 2011.
Only the outer south-east and the north of England also experienced year-on-year gains in housing values, while the north-west and Yorkshire and Humberside both saw prices drop by two per cent in the same timeframe. The figures for Scotland, Wales and Northern Ireland slid further into negative territory than any of the UK's regions, down by four per cent, 4.7 per cent and 9.3 per cent annually respectively.
Average house prices in Northern Ireland now stand at GBP 107,719, a stark contrast to the median property value in England, which is GBP 186,306, the Nationwide figures show. London remains the UK's most expensive region, with the average cost of buying a home here now GBP 301,168. A survey published by Hometrack at the beginning of the month indicated there could be further price declines in store for the country's residential property sector. According to the organisation's research, there was a 3.6 per cent drop in the number of buyers registering with real estate agents in September, compared to August, while the volume of sales and property listings also fell last month.
The Hometrack data also revealed that the average amount of time a property is on the market for climbed from 9.5 weeks in August to 9.9 weeks in September, suggesting there may be a further slowdown in the UK's residential real estate sector over the coming months.