House Prices Set For Greater Regional Variation
Below is a MRR and PLR article in category Finance -> subcategory Mortgage.
House Prices to Show More Regional Variation
Overview
English house price growth is slowing, while Scotland and Northern Ireland are experiencing significant increases, as new data indicates.Key Insights
According to Nationwide, house prices in Scotland and Northern Ireland are diverging from those in England and Wales, as both regions see rapid growth necessitating larger mortgages.In Northern Ireland, house prices have surged at a pace five times faster than the UK average over the past year. The last quarter alone saw Northern Ireland's house price inflation outpace the UK average tenfold. Scotland is also witnessing higher than average growth.
Fionnuala Earley, Nationwide's group economist, points out that the booming housing markets in Northern Ireland and Scotland reflect their increasing independence from the UK.
Conversely, within England, the south is reclaiming its position as the focal point for house price growth. For the third consecutive quarter, southern England's house price inflation has surpassed that of the north, reversing a previous trend where the south lagged due to affordability constraints.
London remains the city with the fastest growth in house prices, while northern cities are seeing slower increases. This trend is also influencing areas around the capital.
There is a noticeable acceleration in house price growth in southern regions near London compared to last year, while northern regions experience a slowdown, as noted by Ms. Earley.
Market Trends
Nationwide's quarterly house price index shows a sharp decline in UK-wide prices in the second quarter, from 2.2% to 0.9%. However, annual growth remains steady.By Adfero Ltd
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