House prices in the north of England have continued to grow rapidly while southern parts of the coun...
House prices in the north of England have continued to grow rapidly while southern parts of the country are seeing a slowdown in the property market, according to a new survey.
Latest figures from Bradford & Bingley Estate Agents show that the North West has seen a 17% rise in house price since the start of the year, while prices has risen over 12% in the North East. In the meantime, the average house price in the South East has declined by 5%.
House price growth in the North has been "phenomenal" this year, says Gary Verity, head of retail property services at Bradford & Bingley Estate Agents.
Popular areas such as Liverpool, Bramhall and Cheadle outside Manchester as well as Fulwood and Longridge in Lancashire are leading the price growth in the North West, with the average price of a house in the region now standing at £112,376.
The North East has also seen a rise of 12% this year.
Meanwhile, the South of England has suffered a decline of 6% since the start of the year, paced by the drop in sales at the top end of the market.
But the prices of the South East and the South West are still well above the ones in the North, with the average price of a property at £220,603 and £147,944 respectively.
Verity says he is confident that the rest of the year will see no dramatic downturn house prices.
"The often frantic purchasing that we witnessed last year in many areas has been replaced by a calmer, more reasoned approach. The majority of buyers are now moving for a reason such as wanting an extra bedroom or a bigger garden, rather than because they feel they are missing out on a property boom.
The report also shows that house price inflation rose by 2% during the first half of 2003, with the average UK house price now standing at £147,197 compared to £144,485 at the beginning of the year.
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