Third quarter sees house prices rise

House prices continued to rise in the third quarter of the year, according to the latest figures from Nationwide.

The firm's Quarterly Regional House Price Report shows that growth reached 9.3 per cent, taking the average property price to £184,131.

The report shows that Northern Ireland saw the strongest growth, with the figure recorded hitting 42.6 per cent.

London (16.5 per cent) followed, as did Scotland (12.2 per cent), the Outer Metropolitan (11 per cent) and the Outer south-east (10.1 per cent).

"London also saw the average house price increase above £300,000 for the first time," added Fionnuala Earley from Nationwide.

"The East and West Midlands regions came at the bottom of the house price growth rankings in the second quarter, with prices growing at around half the UK average, at annual rates of 4.8 per cent and 4.6 per cent respectively," continued the chief economist at the bank.

Nationwide recently put monthly house price growth at 0.9 per cent in September.

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