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House prices at all-time high
11:12am Wednesday 2nd July 2014 in Business
HOUSE prices have reached an all-time high, a report has revealed.
Nationwide says prices lifted 11.8 per cent year-on-year across the UK in June to an average of £188,903.
The annual uplift is the biggest rise since January 2005.
However, Newcastle was the worst-performing city, with a three per cent increase taking prices to £181,473.
Nationally, a one per cent month-on-month price lift also helped push average prices to £2,391 above a previous peak in May.
London property values leapt by 25.8 per cent annually, with the typical price of a London property more than double the average UK house price, at £400,404.
After London, Cambridge was the top-performing city, with prices surging by 20 per cent to reach £419,187.
Robert Gardner, Nationwide's chief economist, said prices surpassed their 2007 peak levels in the second quarter of this year.
He added the figures show there is still significant variation in the performance of the housing market across the UK.