Well, it’s not so great perhaps if you’re living in the North of England looking at the prices of houses rising in the South of the country at nearly twice the rate. Recent figures reveal that 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. Measured on a monthly basis, the average price of a home in the UK was £200,251 – the first time on the survey that the price has risen above £200,000.
The survey, by Nationwide, also said that prices were picking up and 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.
|Where prices are rising fastest|
|Region||Average price||% annual change (Q1 2016 v Q1 2015)|
|South East England||£255,325||8.3%|
|Yorks and Humberside||£144,361||1.9%|