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A North-South divide has opened up when evaluating home costs, in keeping with official figures.

Property values fell by 1.9% in London within the 12 months to March, however rose by three.6% in Yorkshire and Humberside, the Workplace for Nationwide Statistics (ONS) stated.

Home costs in Scotland recorded a three.three% improve over the identical interval, the information reveals.

However a house within the South East of England – and notably London – nonetheless prices greater than elsewhere within the UK.

The ONS additionally stated that lease paid by tenants to personal landlords within the UK rose by 1.2% within the 12 months to April.

The common UK home value was £227,000 in March, up 1.four% on the identical month a 12 months earlier.

The nationwide and regional variations in home costs reveal the differing image for property patrons and sellers in numerous elements of the nation.

Whereas there’s a North-South divide on the high and the underside, there has additionally – for instance – been a drop in costs during the last 12 months within the North East of England.

Commentators have stated that Brexit uncertainty has notably affected London, with some placing such a significant buy on maintain.

Lucy Pendleton, founder director of property brokers James Pendleton, stated: “London can also be not the blueprint for the entire nation, as a really completely different story is being informed all over the place else.

“A sizzling property market within the Midlands and North West is propping up the UK’s total image and this, along with declines which have to date not been dramatic in London, present property remains to be the comparatively secure long-term funding it has all the time proved to be.”

Property remains to be rising in value, and London stays the costliest a part of the nation, at a median value of £463,000.

Some areas of London with the costliest properties have seen the most important falls in common home costs within the final 12 months.

Tomer Aboody, director of property lender MT Finance, stated that high-end properties within the £2m to £8m bracket have been 20% to 30% cheaper than within the 2015-16 peak.

“There’s extra worth for cash in property at this degree and patrons might be able to afford what they could not have dreamed of previously,” he stated.

“Elsewhere, progress in property costs within the Midlands and north of the nation reveals confidence in initiatives like HS2, which is able to in the future get off the bottom. The North-South divide is narrowing with elevated means to journey between the areas for work and it implies that it could be potential to dwell in cheaper elements of the nation.

“The attraction of greener pastures and a greater way of life will imply these areas will go up in worth.”

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