House prices ‘indicating north-south divide’

Those looking to take out a mortgage will find that house prices are rising in every region, a new study has revealed.

However, Nationwide’s figures for the third quarter of 2009 have shown that the larger increases have tended to come in the south of England.

The UK as a whole saw prices increase by 3.7 per cent over the three months to the end of September, but in the south-west the rise was 4.9 per cent, while the outer metropolitan area was up 4.7 per cent and the remainder of the south east climbed by 4.1 per cent.

In contrast, Yorkshire and the Humber saw England’s weakest increase at 1.8 per cent, although Wales was worst of all at 0.1 per cent.

The annual figure for the whole UK revealed that the smallest drop was one per cent in Scotland.

Such findings may suggest a return to the pre-credit crunch trends, when Scotland and southern England saw the largest price increases.

August’s Land Registry figures also suggested a regional contrast, with the three southern regions rising in price, while the northern areas all fell.

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