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3 December 2012

North / south house price divide narrows

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by Gill Montia

North / south house price divide narrows

November saw the housing market slow further across England and Wales, as seasonal factors began to kick in.

According to Hometrack, house prices fell by 0.1% during the month, having declined at the same rate for five months in a row.

The annual rate of fall currently stands at -0.3% (October -0.4%).

The housing intelligence firm also reports that the north / south property price divide is finally showing signs of narrowing, with the gap between asking and achieved prices closing in northern regions, alongside falls in demand for housing in southern England easing upward pressure.

House price falls were registered across all regions in November with the exception of East Anglia, and in London prices slipped by 0.2%.

Looking ahead, Hometrack expects mortgage availability and consumer confidence to continue to drive the market but notes that there has been a general increase in competitive mortgage products in recent weeks.

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