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North-South house price divide set to continue


The North-South divide in house prices is set to continue according to Nationwide Building Society&#39s latest quarterly housing review.


And London continues to outstrip the rest of the South East with prices up to 20 per cent higher.


The survey shows an increase in house prices over the short term fuelled by consumer confidence following a 2.25 per cent decline in base rates over the last six months.


The survey says the economic slowdown will primarily affect Northern manufacturing industry.


The South which is dominated by the service sector is likely to escape much of the slowdown thus reinforcing the divergence in house prices between the South and North.


But longer term the market remains subdued with prices 15 per cent lower than the historical trend, while only 9.5 per cent of the housing stock changed hands compared to the historical average of 11 per cent.

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