Hartlepool has recorded the biggest rise in prices (59%), followed by Darlington (58%), Swansea (55%) and Blackburn (51%). Indeed, the North East dominates the top 10 with Stockton-on-Tees and South Shields also amongst the 10 towns recording the highest price rises.
- The average house price in London is now just over twice as expensive as its equivalent in the North. The ratio between prices in London and the North stood at 2.11 in 2004 Quarter 1 – marking the narrowest gap in prices between London and the North in percentage terms since early 1999 and very close to the average over the past 20 years.
- House prices continue to rise most rapidly in northern England and Wales. The biggest price increases over the last year have been in the North (36%), Wales (36%), the North West (30%) and Yorkshire and the Humber (28%).
- The average price in Yorkshire and the Humber surpassed £100,000 in 2004 Quarter 1, making it the last English region to pass this landmark. Average prices remain below this level in Scotland (£85,212) and Northern Ireland (£93,692).
- At the same time, there has been a significant slowdown in the south. House price inflation in London has fallen from 19% in 2003 Quarter 1 to 9% in 2004 Quarter 1, and from 26% to 7% in the South East on the same basis. There have also been falls in the annual rate of increase in East Anglia, the South West, West Midlands and the East Midlands.
Commenting upon the housing market in the UK Martin Ellis, Chief Economist, said: "The top 10 property hotspots are all outside the south with towns in the North East featuring heavily amongst them. We expect the gap between the north and south to narrow further during the remainder of 2004, although house price inflation in many areas outside the south is likely to slow."
