House prices have risen for the 14th month in a row and are now above their 2007 peak, the Nationwide House Price Index shows.
The average UK house now costs £188,903, up £2,391 since May.
Figures released today show UK prices increased by 1 per cent in June, picking up the pace following a 0.7 per cent increase in May. Houses now cost 11.8 per cent more than they did a year ago.
But while all regions saw annual price gains in the three months to June, as usual the figures were heavily skewed by London. Nationwide chief economist Robert Gardner said the price of a typical property had reached a record £400,000 and growth there was “far outpacing” the rest of the country.
“Prices in the capital [are] now around 30 per cent above their 2007 highs and more than twice the level prevailing in the rest of the UK when London is excluded,” Gardner said.
House prices in the northern UK remain cheaper than they were in 2007, although they continue to climb. Scotland was the weakest performing region, with prices in the three months to June up 5.4 per cent on the same period last year.
Northern Ireland saw an 8.4 per cent price rise over the quarter, although it was still the least expensive region to buy with prices around half the level they were at their peak.
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