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| Version 2 | Version 3 |
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| House price divide widens | House price divide widens |
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| The house price divide between the south-east and the rest of England and Wales widened last month with a seasonal upturn in sales in London and slight decreases in parts of the north, according to the monthly national housing survey by the property analysts Hometrack. | The house price divide between the south-east and the rest of England and Wales widened last month with a seasonal upturn in sales in London and slight decreases in parts of the north, according to the monthly national housing survey by the property analysts Hometrack. |
| Across England and Wales 14.8% of postcodes registered price rises, of which 74% were in London and the south-east. Almost half of London postcodes (48%) registered an increase in values of 0.3% on average, with Southwark, Ealing, Merton and Bexley all achieving an above-average house price increase. | Across England and Wales 14.8% of postcodes registered price rises, of which 74% were in London and the south-east. Almost half of London postcodes (48%) registered an increase in values of 0.3% on average, with Southwark, Ealing, Merton and Bexley all achieving an above-average house price increase. |
| Regions with an average overall decrease included the north-east of England (-0.2%), north-west, and Yorkshire and Humberside (-0.1%). | Regions with an average overall decrease included the north-east of England (-0.2%), north-west, and Yorkshire and Humberside (-0.1%). |
| Prices grew by 0.1%, overall, the first time values have risen for nine months since May 2012. | Prices grew by 0.1%, overall, the first time values have risen for nine months since May 2012. |
| The number of new buyers registering with estate agents last month rose by 14% – which is consistent with previous years. The number of new properties coming on to the market rose by 8.7%. | The number of new buyers registering with estate agents last month rose by 14% – which is consistent with previous years. The number of new properties coming on to the market rose by 8.7%. |
| The strongest price growth was in areas with lack of supply and growing demand. Hometrack said it expected both demand and supply to grow. However, higher stamp duty costs in southern England would be a disincentive to sell, creating scarcity and supporting headline prices, they said. | The strongest price growth was in areas with lack of supply and growing demand. Hometrack said it expected both demand and supply to grow. However, higher stamp duty costs in southern England would be a disincentive to sell, creating scarcity and supporting headline prices, they said. |
| Property across London was the quickest to sell; the average time being 5.2 weeks, compared with 9.7 weeks overall. The east Midlands was the slowest, at 13.6 weeks. | Property across London was the quickest to sell; the average time being 5.2 weeks, compared with 9.7 weeks overall. The east Midlands was the slowest, at 13.6 weeks. |
| Sellers in the south-east were able to obtain, on average, 94.9% of their asking price, compared with 93.4% overall, and just 91.9% in Wales. | Sellers in the south-east were able to obtain, on average, 94.9% of their asking price, compared with 93.4% overall, and just 91.9% in Wales. |
| Richard Donnell, Hometrack's director of research, said: "The latest survey shows that a seasonal upturn in housing market activity kicked in over February with more sales agreed, a bounce in demand and an increase in the supply of home for sale. | Richard Donnell, Hometrack's director of research, said: "The latest survey shows that a seasonal upturn in housing market activity kicked in over February with more sales agreed, a bounce in demand and an increase in the supply of home for sale. |
| "The impetus for improved market conditions and higher prices has been driven by London and the home counties of southern England where there is the greatest mismatch between supply and demand." | "The impetus for improved market conditions and higher prices has been driven by London and the home counties of southern England where there is the greatest mismatch between supply and demand." |
| Donnell added it was unclear if the weather or "a more fundamental weakness in demand for housing" was behind a growth of less than 5% of new buyer registration in the north-east, and Yorkshire and Humberside. | Donnell added it was unclear if the weather or "a more fundamental weakness in demand for housing" was behind a growth of less than 5% of new buyer registration in the north-east, and Yorkshire and Humberside. |
| Speaking of the shortage of new housing stock for sale, he said one London-based respondent said that housing supply in the capital was at its lowest for five years. | Speaking of the shortage of new housing stock for sale, he said one London-based respondent said that housing supply in the capital was at its lowest for five years. |
| "This tallies with our survey which shows that low turnover has been a feature of the market for the last five years. While the market in southern England is the most buoyant, it is also the most expensive." | "This tallies with our survey which shows that low turnover has been a feature of the market for the last five years. While the market in southern England is the most buoyant, it is also the most expensive." |
| He added: "Low turnover is creating scarcity and this, combined with rising demand, means prices in those areas where there is the greatest mismatch between buyers and sellers are being put under upward pressure." | He added: "Low turnover is creating scarcity and this, combined with rising demand, means prices in those areas where there is the greatest mismatch between buyers and sellers are being put under upward pressure." |
| Case study | Case study |
| Nell Andrew, a 30-year-old trade union official, laughs helplessly while outlining her accommodation situation: it's either that or cry. | Nell Andrew, a 30-year-old trade union official, laughs helplessly while outlining her accommodation situation: it's either that or cry. |
| "I have a good reasonably well-paid job, a reasonably good education, a partner who's earning, and I've been living in London all my adult life – but I don't think I'll ever be able to afford to buy here. | "I have a good reasonably well-paid job, a reasonably good education, a partner who's earning, and I've been living in London all my adult life – but I don't think I'll ever be able to afford to buy here. |
| "It's eventually going to come down to a choice of reconsidering our careers and moving out, or sacrificing any thought of ever having a family – that's what we're mulling over at the moment, but they don't look like very good choices." | "It's eventually going to come down to a choice of reconsidering our careers and moving out, or sacrificing any thought of ever having a family – that's what we're mulling over at the moment, but they don't look like very good choices." |
| Andrew's partner is a freelance designer: between them they earn about £50,000, and at the moment they rent a two-bedroom basement flat in Stamford Hill for £1,300 a month, no bills included. | Andrew's partner is a freelance designer: between them they earn about £50,000, and at the moment they rent a two-bedroom basement flat in Stamford Hill for £1,300 a month, no bills included. |
| After viewing the flat, the letting agent said she needed £400 within an hour to secure it or it would go to another tenant. | After viewing the flat, the letting agent said she needed £400 within an hour to secure it or it would go to another tenant. |
| "I come from Stoke-on-Trent where all my family and friends own houses by now. They can't understand why I'm living in London, but they imagine that I must be somewhere palatial. | "I come from Stoke-on-Trent where all my family and friends own houses by now. They can't understand why I'm living in London, but they imagine that I must be somewhere palatial. |
| "The reality is that it's the best we could find that we could afford, but it's not a great road, and we've had problems with damp." | "The reality is that it's the best we could find that we could afford, but it's not a great road, and we've had problems with damp." |
| Her experience of a decade of renting flats privately has included the existence of cockroaches, maggots from rotting floorboards, mice, intimidating landlords, short leases, steep rent increases, and deposits not returned. | Her experience of a decade of renting flats privately has included the existence of cockroaches, maggots from rotting floorboards, mice, intimidating landlords, short leases, steep rent increases, and deposits not returned. |
| If she had to move again now it would cost up to two months' rent as a deposit, plus administration fees, plus a month's rent in advance. | If she had to move again now it would cost up to two months' rent as a deposit, plus administration fees, plus a month's rent in advance. |
| She could not possibly afford it alone, a factor which itself puts pressure on the relationship. | She could not possibly afford it alone, a factor which itself puts pressure on the relationship. |
| She has been accompanying a fortunate friend who has inherited enough for a deposit. "You're talking two bedrooms, no garden, no garage, somewhere bearable, £300,000 and £350,000, and a deposit of at least £150,000. I just can't see any prospect of us ever being able to afford that. | She has been accompanying a fortunate friend who has inherited enough for a deposit. "You're talking two bedrooms, no garden, no garage, somewhere bearable, £300,000 and £350,000, and a deposit of at least £150,000. I just can't see any prospect of us ever being able to afford that. |
| "And because my partner is freelance, it would be difficult for us even to get a mortgage. Neither of us counts as a key worker, and the local authority flatly told us they don't envisage any new social housing builds. We just want what everyone needs, a safe clean place to come home to – but that looks impossible." | "And because my partner is freelance, it would be difficult for us even to get a mortgage. Neither of us counts as a key worker, and the local authority flatly told us they don't envisage any new social housing builds. We just want what everyone needs, a safe clean place to come home to – but that looks impossible." |
| Top mortgages | Top mortgages |
| Chelsea Building Society | Chelsea Building Society |
| HSBC | HSBC |
| Nationwide | Nationwide |
| Provided by London & Country for the Guardian |