1 May

House prices increase but show a regional discrepancy

House prices increase but show a regional discrepancy

The price of homes rose on average across the nation in March, but estate agents in differing regions are seeing variations as the north-south divide continues to prove prevalent.

According to the latest figures that were released by the Land Registry, the average cost of a home in March was 0.1 per cent up when compared to a month earlier.

However, closer analysis showed that while London - consistently the strongest performer in the UK - saw prices climbing by a full 2.5 per cent throughout the month, there were falls elsewhere.

The worst of these were seen in Middlesbrough, where there was a drop of 5.1 per cent in March alone and 16.5 per cent year-on-year.

This discrepancy is something that has been in evidence repeatedly in the last few years, with Londoners always seeing the best price growth, alongside the south-east, both of which are seemingly impervious to outside financial influences.

Giles Hannah, managing director of estate agency VanHan, said that the strength in London could be partially blamed on the fact that there has been an influx of foreign buyers to the market.ADNFCR-1222-ID-801580186-ADNFCR

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