The average price of a house in the UK is now £211,625. But the north-south divide yawns wider than ever – a typical home in the north of England costs on average £163,138, half of what it costs to buy in the south where an average home comes in at £133,047.
Figures from the Nationwide building society’s monthly price index did reveal that prices in the north are growing faster than those in the south – but not fast enough to bridge the gap.
Meanwhile, Northern Ireland’s house price growth outstripped everywhere else in the UK in the first three months of 2018, registering a gain of 7.9 percent. However, house prices there are still down more than a third (38 percent) than what they were at their pre-2007 levels, before the financial crash.
House price growth remains flat
Wales also showed strong house price growth at 6.1 percent on the year with English house prices on average rising by 1.9 percent. Scotland registered the lowest growth of the UK regions at just 0.2 percent.
Overall, UK house price growth in March was 2.1 percent, down a little on February’s 2.2 percent, which the Nationwide put down to seasonal factors.
Robert Gardner, chief economist at the Nationwide, said: “On the surface, the relatively subdued pace of house price growth appears at odds with recent healthy rates of employment growth, a modest pick-up in wage growth and historically low borrowing costs.
“However, consumer confidence has remained subdued, due to the ongoing squeeze on household finances as wage growth continues to lag behind increases in the cost of living.
“Overall, we expect house prices to be broadly flat, with a marginal gain of around 1 percent over the course of 2018.”