Annual
house price growth has hit double figures for the first time in four years,
according to Nationwide.
In the year to April,
prices rose by 10.9%, the first annual double-digit growth since April 2010 and
the fastest rate since June 2007.
Robert Gardner, Nationwide's chief economist,
said: “After several months of moderation, the pace of house price growth
picked up in April, with prices rising by 1.2% during the month.” Nationwide
said the average UK house price now stood at £183,577.
Prices in the capital
are now about 20% higher than they were before the financial crisis of 2007-08.
But prices in the rest of the country are still around 2% lower than their
pre-crisis peak. Meanwhile, Sir Jon Cunliffe, the deputy governor of the Bank
of England, has warned that surging house prices pose the single biggest threat
to UK financial stability.
(source: Daily Telegraph)
