House prices 'increased over 2011'

Posted: 30 Dec 2011 11:42:36 GMT

UK house prices crept up by one per cent across 2011.

House prices in the UK inched up by one per cent across 2011, new research has shown.

Compiled by Nationwide, the findings revealed the cost of a typical home is now £163,822, while the valuations dipped by 0.2 per cent in December.

According to the figures, regional variation in prices has been less significant than that recorded in previous years, with London witnessing the strongest growth for 2011.

Robert Gardner, chief economist at Nationwide - which is run by a senior management team, itself overseen by an elected Board of Directors - said that while this year has hardly seen a strong performance, stunted economic growth and a struggling labour market suggests UK house prices have been resilient over the last 12 months.

The industry figure added: "The housing market in 2012 looks likely to be characterised by low levels of activity once again, with prices moving sideways or modestly lower over the course of the year."

© Houseladder Ltd