29 Mar

Property prices 'vary according to region'

Property prices 'vary according to region'

Property prices in the UK vary considerably depending on which region they are in, it has been noted.

According to Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, new figures from the Land Registry illustrate this trend.

Last week, the organisation released data which showed that property for sale in London experienced an annual increase in value of 11.9 per cent last month.

This compared with the south-east as a whole, which registered a jump of 9.4 per cent on February 2009, while the north-east saw a fall in values.

Responding to the statistics, Mr Rubinsohn said: "The report does ... note significant regional variations with London at the top of the tree."

He went on to predict that the decision by the chancellor to axe stamp duty for properties worth under £250,000 will lead to a rise in market activity as more people find themselves able to secure a home.

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