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North-South house price divide hits record high | North-South house price divide hits record high |
(about 2 hours later) | |
House prices in northern England are now less than half those in the south of the country, according to the Nationwide - a new record. | House prices in northern England are now less than half those in the south of the country, according to the Nationwide - a new record. |
On average, a house in the North of England is worth nearly £163,000 less than one in the South. | On average, a house in the North of England is worth nearly £163,000 less than one in the South. |
In the first quarter of 2016, prices in the South rose by 9.9% year-on-year, compared to just 1.8% in the North. | In the first quarter of 2016, prices in the South rose by 9.9% year-on-year, compared to just 1.8% in the North. |
Measured on a monthly basis, the average price of a home in the UK was £200,251. | Measured on a monthly basis, the average price of a home in the UK was £200,251. |
That is the first time on the Nationwide measure that the price has risen above £200,000. | That is the first time on the Nationwide measure that the price has risen above £200,000. |
The building society also said that prices were picking up. | The building society also said that prices were picking up. |
In the year to March, house price inflation across the UK hit 5.7% - up from 4.8% in February and the fastest rate for more than a year. | In the year to March, house price inflation across the UK hit 5.7% - up from 4.8% in February and the fastest rate for more than a year. |
One reason for the increase may have been the rush by landlords to buy property ahead of Stamp Duty increases on 1 April, the Nationwide said. | |
The Scottish equivalent - the Land and Building Transaction Tax (LBTT) - will also see a 3% surcharge. | |
"The pace of house price growth may moderate again once the stamp duty changes take effect in April," said Robert Gardner, Nationwide's chief economist. | |
"However, it is possible that the recent pattern of strong employment growth, rising real earnings, low borrowing costs and constrained supply will keep the demand/supply balance tilted in favour of sellers, and maintain pressure on price growth in the quarters ahead." | |
The Nationwide figures suggest prices are rising fastest in the London suburbs - as corroborated by the Land Registry earlier this week. |
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