The quarterly report also looks at each region in more detail, so that house prices can be viewed at a local level. These sub-regions ensure that movement in local prices are not hidden in the regional or national data.
If you’re considering making some home improvements these can be beneficial to the value of your home. Nationwide’s Chief Economist, Robert Gardener comments in a recent House Price Index Special Report (04/10/11): “With housing market demand still very weak, increasing numbers of homeowners may opt to improve rather than move”
In fact “Adding a bedroom and a bathroom through an extension or loft conversion can add up to 23% to a property’s value.”
If you’re an existing Nationwide mortgage customer and had your mortgage for more than six months, you could be eligible to borrow a little extra to help with things like home improvements.
Our Home Selling guide will also help if you’re selling your home for the first time or whether you just want to refresh your memory. And, our handy calculators can also help you work out the costs associated with moving home, as well as give you an estimate as to what your current home could be worth.
Outer South East
Most expensive area: Brighton & Hove
Least expensive area: East Kent
Brighton & Hove is the most expensive of the sub-regions in the Outer South East. It also had the strongest annual price change with a rise of 8%.
Mid Hampshire suffered from the weakest annual price change, with prices dropping 3%. East Kent, the least expensive area in this region, saw no change in prices over the last 12months.
Most expensive area: Bath
Least expensive area: Plymouth
Whilst Bath is the most expensive sub-region in the South West, prices actually decreased by 5% year on year. This wasn’t however the weakest price change as prices in Devon contracted by 8%.
Poole saw prices fall by 6%, however neighbouring Bournemouth saw the biggest year on year price increase of 4%.
Most expensive borough: Westminster
Least expensive borough: Barking & Dagenham
Three London Boroughs saw double-digit year on year price increases. Greenwich saw prices grow by 14%, whilst Ealing’s prices grew by 11%.
Westminster, the most expensive borough, also saw a 11% year on year increase. Average house prices now stand at over £726,000.
Most expensive area: St. Albans
Least expensive area: Medway
The most expensive sub-region in Outer Metropolitan is St. Albans, with average prices at over £360,000. This makes it the most expensive area outside of London.
Bracknell Forest, Hart & Rushmoor and North Surrey saw the strongest prices changes in the region, with increases of 7%, 6% and 5% respectively. Central Kent saw the weakest annual price change, with a fall of 4%.
Most expensive area: Cambridgeshire
Least expensive area: Peterborough
Cambridgeshire, the most expensive area in East Anglia, saw no change in prices in the twelve months to the end of June. However, Peterborough, the least expensive area, saw a 10% year on year increase.
Most expensive area: Northampton Town
Least expensive area: Mid Lincolnshire
Nottingham saw an increase of 9% in year on year prices, with Derby seeing an increase of 5%. Northampton Town the most expensive area in the East Midlands, saw no annual price change.
Most expensive area: Warwickshire
Least expensive area: Staffordshire
Warwickshire is the most expensive of the sub-regions in the West Midlands. It also had the strongest annual price change with a rise of 6%.
The weakest annual price change was in Greater Birmingham with prices falling 4%. Staffordshire, the least expensive area, saw no change annual change in prices.
York & Humberside
Most expensive area: York
Least expensive area: North Lincolnshire
East Yorkshire was the only sub-region to see a positive annual price change, with an increase of 2%. Of the 9 sub-regions, 7 saw annual price falls, with no change seen in Sheffield.
The largest falls came in North Yorkshire and West Yorkshire, with prices contracting by 4%.
Most expensive area: City of Manchester
Least expensive area: Lancashire
Of the 6 sub-regions, 5 saw an annual fall in prices. The City of Manchester, the most expensive area in the North West, saw the biggest fall, with prices down 7%.
Only Cheshire saw an annual increase, with prices up 2%.
Most expensive area: Cumbria
Least expensive area: County Durham
Out of the five sub-regions in the North, only Teeside saw a year on year rise in prices. But, this was only a 1% increase.
Three of the sub-regions saw prices fall in the last twelve months. County Durham, the least expensive area in the North, saw no change in prices.
Most expensive area: City of Belfast
Least expensive area: Northern Ireland (West)
All four sub-regions of Northern Ireland saw prices fall year on year. The largest fall was in the City of Belfast, where prices fell 15%. However, it remains the most expensive area.
House prices in the North East fell 12% over the course of the year, and prices fell 9% in the West where the average house now costs just over £112,000.
Most expensive area: Cardiff
Least expensive area: Mid & West Wales
None of the sub-regions in Wales saw a positive annual change in prices, 4 of the 5 sub-regions seeing prices contact. The largest year on year change was in North Wales, with prices falling 4%.
South Wales (West) was the only sub-region not to see a fall in prices, with prices seeing no change over the last twelve months.
Most expensive area: Aberdeen City
Least expensive area: Fife
Aberdeen City overtook Edinburgh City as the most expensive area in Scotland. This was due to a Aberdeen seeing an annual price increase of 3%, while Edinburgh prices contracted by 6%.
Perthshire & Stirling saw the largest annual price, with a fall of 8%. Fife saw prices fall 6% and is the least expensive area in Scotland.