London is worst-performing region as UK house prices fall

The Guardian has reported on a ‘surge’ in the numbers of people who have moved out of London and other urban areas, or are planning to do so, after concluding they will be able to work from home for at least part of the week in future

The article notes that the ‘traditional north-south divide’ on house prices has been reversed, meaning London is the UK’s worst-performing region and north-west England the best.

Prices dropped by 0.2 per cent in March for the UK as a whole according to Nationwide figures, following a 0.7 per cent rise in February.

The report suggests that the slowdown reflected a softening of demand ahead of the original end of the stamp duty holiday on 31st March before Chancellor Rishi Sunak MP (Con) announced in the Budget that it would be extended until 30th June.

As a result, the rate of annual house price growth slowed to 5.7 per cent in March, from 6.9 per cent in February. This put the average UK house price at £232,134.

Meanwhile, publications such as House Beautiful are publishing features on the most affordable places to buy property in rural areas, noting that the pandemic increased demand for countryside properties at the expense of city homes.

Full articles:

The Guardian - London is worst-performing region as UK house prices fall

House Beautiful - 10 most affordable rural areas to buy a home in the UK


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