The Nationwide House Price Index

Nationwide reviews house prices and suggests ways to improve the value of your home​

6 August 2012: Nationwide provide detailed house price information, so you can get an estimate of the current value of your home using our house price calculator.

Mortgage_Article_small_190x150.jpgOur House Price Index provides a monthly view of UK house prices, plus a regional breakdown every three months. The regional breakdown splits the UK into 13 regions and highlights how prices differ nationally.

 The table below shows how prices can differ throughout the UK with London, not surprisingly, the most expensive region to buy property. Even within London there is a stark contrast between the most and least expensive areas, average prices in Westminster being the highest at just over £726,000.

When compared to Northern Ireland (West), where the average house price is just over £112,000, we see a huge difference across the UK of approximately £614,000!

If you’re not sure which region your property falls into you can check here.

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Regional house prices

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.

Below we take a brief look at house prices in each region. You can also explore the full quarterly report, where you can also read the comments of our chief economist.

Scroll down this article to see a breakdown of each regions performance.

Adding value to your home

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.”

How Nationwide can help

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.

We also have a wealth of information if you are planning on moving home. Our Home Buyers’ guide is designed to remind you of the steps involved in buying a home. And, if you are buying your first home our First Time Buyers’ guide provides a breakdown of everything you need to know.

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.

Regional Breakdown

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.

South West

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.

Outer Metropolitan

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%.

East Anglia

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.

East Midlands

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.

West Midlands

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%.

North West

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.

Northern Ireland

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.

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