House prices have taken a spring leap in the north of England as the market improves - but it’s a different story completely in the south east and London.
The website Home, in its latest monthly market snapshot, says the market is currently a true reversal of fortunes compared to the recent past.
It says there has been a huge supply surge in some parts of the southern half of England (a 21 per cent rise in supply in East Anglia, for example, and a 22 per cent rise in the south west).
Meanwhile the typical time for a home on the market is rising rapidly in London and the south east (up 18.8 per cent and 25.9 per cent in the past month, respectively).
Prices have risen in all English regions, Scotland and Wales since last month, with the exception of London and south east England.
And the total stock of properties on the market in England and Wales is up again by 4.5 per cent year on year.
Home says that whilst London and adjacent regions suffer the doldrums, and may well do so for some considerable time, regional markets in the Midlands, north and west are thriving.
The East Midlands leads the price growth league table with a gain of 6.1 per cent over the last 12 months.
“As we have stated before, unlike the frenzied pace of price rises observed previously in London and the Home Counties, the growth observed in the north and Midlands is, for the time being, more moderate and therefore appears more sustainable” says the website.
“Over the last ten years we can see that prices in the north east have yet to recover their 2008 values while homes in Yorkshire and the north west have only just recently recovered those valuations. If we take into account inflation over the same time period then these regions are still playing catch-up” it continues.
Meanwhile annual house price inflation - which a year ago was 2.6 per cent - has slipped slightly to 2.0 per cent this month, says Home.