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North-South divide in house prices, says Nationwide North-South divide in house prices, says Nationwide
(35 minutes later)
The gap between house prices in northern and southern England has moved above £100,000 for the first time, according to the Nationwide.The gap between house prices in northern and southern England has moved above £100,000 for the first time, according to the Nationwide.
The building society said that house price growth was accelerating, with an average annual increase of 5% in the UK in September.The building society said that house price growth was accelerating, with an average annual increase of 5% in the UK in September.
This was driven by price rises in cities such as Manchester and Belfast.This was driven by price rises in cities such as Manchester and Belfast.
London prices were at an all-time high, but overall UK prices were 8% below the peak of 2007, the survey said.London prices were at an all-time high, but overall UK prices were 8% below the peak of 2007, the survey said.
Regional differencesRegional differences
The Nationwide said that property prices had risen by 0.9% in September compared with the previous month. This valued the average home in the UK at £172,127.The Nationwide said that property prices had risen by 0.9% in September compared with the previous month. This valued the average home in the UK at £172,127.
House prices, and activity in the housing market, has been gathering pace. The Nationwide said prices were growing at the fastest rate since July 2010.House prices, and activity in the housing market, has been gathering pace. The Nationwide said prices were growing at the fastest rate since July 2010.
Government schemes aimed at kick-starting the market doldrums of 2011 and 2012 have been among the reasons for the pick-up.Government schemes aimed at kick-starting the market doldrums of 2011 and 2012 have been among the reasons for the pick-up.
But the picture is not identical across the country. So, Chancellor George Osborne has now asked the Bank of England to take a bigger role in ensuring his Help to Buy housing scheme does not fuel a property boom.
Yet, the picture is not identical across the country.
The typical property in London and the surrounding area, the South East of England, the South West of England and East Anglia combined, is more than £100,000, or 74%, higher than a home in the North of England, the North West, Yorkshire and Humberside, and East and West Midlands combined.The typical property in London and the surrounding area, the South East of England, the South West of England and East Anglia combined, is more than £100,000, or 74%, higher than a home in the North of England, the North West, Yorkshire and Humberside, and East and West Midlands combined.
Prices in Scotland, Wales and the North of England are far from levels seen during the housing boom, with prices still 12% to 14% lower than the previous peaks, according to the Nationwide's data, which is based on its mortgage business.Prices in Scotland, Wales and the North of England are far from levels seen during the housing boom, with prices still 12% to 14% lower than the previous peaks, according to the Nationwide's data, which is based on its mortgage business.
Price rises are driven by southern regions of England. Yet all regions recorded house price growth in the third quarter of the year - the first time this has happened in nearly six years. Northern Ireland, for example, recorded its first increase in prices since 2007.Price rises are driven by southern regions of England. Yet all regions recorded house price growth in the third quarter of the year - the first time this has happened in nearly six years. Northern Ireland, for example, recorded its first increase in prices since 2007.
"There are signs that the pick-up is becoming increasingly broad-based," said Robert Gardner, Nationwide's chief economist."There are signs that the pick-up is becoming increasingly broad-based," said Robert Gardner, Nationwide's chief economist.