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House price 'north-south divide' narrows

From BBC - November 14, 2017

House price growth was fastest in the North West of England in the last year, official figures show, as London again recorded the slowest rise.

Property prices have sped up in cities such as Manchester but the UK average has remained steady, the Office for National Statistics (ONS) data shows.

House prices rose by 7.3% in the year to the end of September in the North West of England.

The UK average was a 5.4% rise over the same period.

In London, the rise was 2.5%.

The average UK house price was 226,000 in September 2017, some 11,000 higher than a year earlier.

The figures were published as the ONS also revealed that general consumer prices, as measured by the CPI measure of inflation, rose by 3% in the year to October.

Cost of renting

Rising house prices and stricter demands from mortgage lenders have made things tougher for many first-time buyers to fund the initial cost of buying a home.

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