Rics - House price data reveals north-south divide

The UK is experiencing a north-south divide in terms of property prices, new figures have shown.

Data taken from the latest Land Registry report has revealed that despite a fall last month, UK house prices are currently seven per cent higher than this time last year.

However, the Royal Institute of Chartered Surveyors (Rics) has said that the figures show a north-south divide with southern-based property owners benefitting from higher prices.

According to Rics, London is at the "top of the tree" after showing an annual increase of 11.9 per cent, while property values in the south-east increased by 9.4 per cent.

"By way of contrast, prices in the north-east still appear on average to be lower than where they were in February 2009," said Rics chief economist Simon Rubinsohn.

The expert said prices look set to remain stable as an increase in demand will be offset by more properties being made available on the market.

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