Financial News

  • 2 June 2014, 6:43

Regional Home Price Disparity Widens In April

Regional house price disparity between London and other parts of the country continues to grow, according to official figures.

Newly released data from the Land Registry shows London house prices increased by 4.2% in April, whereas they dropped 1.9% in the North East.

It said the annual change in prices in the North East was 2.9%. It climbed 17% in London.

The Land Registry said the average price for a house is now 99,001 in the North East, compared to 435,034 in the capital.

There is now a 336,033 price differential between the two spots - equivalent to 339%.

The North East was the only one of ten regions to see a monthly fall in prices.

The North West saw the second largest monthly rise after London, at 3%, but the yearly change was more subdued at 3.8%.

The data further fuels concerns of a rift between different areas of the country and a housing bubble in the capital.

Pockets within England and Wales saw even larger falls than the average recorded in the North East.

Blaenau Gwent saw the greatest annual price fall, with a plunge of 19.4%.

Ceredigion, and Blackburn with Darwen, witnessed the most significant monthly price fall of 2.2%.

Meanwhile, the metropolitan district with the largest annual price increase was Oldham, rising by 12.1%.

Gateshead also experienced the highest monthly price rise, with an increase of 4.4%.

The second largest annual change in prices was recorded in the East, up 7.8%, followed by the South East at 7.5% and the East Midlands at 6.4%.

These were followed by the West Midlands at 5.7%, Yorkshire and The Humber at 5.5%, and then the North West and South West at an equal 3.8%.

Wales recorded an annual price change of 3%, slightly up on the North East's trailing position.

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