UK annual house price growth accelerates above 13% in June

According to the report from Nationwide Building Society, annual house price growth rises to 13.4%, the highest level since November 2004. Prices up 0.7% month-on-month, after taking account of seasonal factors. Northern Ireland sees strongest growth in Q2, Scotland the weakest, closely followed by London.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “Annual house price growth accelerated to 13.4% in June, the highest outturn since November 2004. While the strength is partly due to base effects, with June last year unusually weak due to the first lockdown, the market continues to show significant momentum. Indeed, June saw the third consecutive month-on-month rise (0.7%), after taking account of seasonal effects. Prices in June were almost 5% higher than in March. Regional data for the three months to June indicates that all parts of the UK saw an acceleration in annual house price growth. Northern Ireland and Wales saw the largest gains, at 14% and 13.4% respectively in Q2. By contrast Scotland saw the weakest rate of annual growth, at 7.1% closely followed by London at 7.3%.