Regional Housing Markets muted by high mortgage rates

The Nationwide regional house price indices are produced quarterly, with data for Q2 (the three months up to and incluingJune) showing a mixed picture, with some regions seeing a modest pick up in growth, but others still recording annual price declines.

Northern Ireland remained the best performing area, with prices up 4.1% compared with Q2 2023.

Across England overall, prices were up 0.6% compared with Q2 2023, while Wales and Scotland both saw a 1.4% year-on-year rise. Northern England (comprising North, North West, Yorkshire & The Humber, East Midlands and West Midlands), continued to outperform southern England, with prices up 2.4% year-on-year.

Meanwhile southern England (South West, Outer South East, Outer Metropolitan, London and East Anglia) saw a 0.3% year-on-year fall (the same as last quarter). London remained the best performing southern region with annual price growth maintained at 1.6%. East Anglia was the weakest performing region, with prices down 1.8% year-on-year