Property: North-South divide in house market

The much vaunted boom in house prices is still subject to a North- South divide, according to a new survey which shows house prices are actually falling in many parts of the country.

During January to March, house prices fell in all three northern regions of England and in Wales, Scotland and Northern Ireland, according to the Halifax Building Society.

The national figures show that for the UK as a whole, house prices rose by 1.1 per cent in the first three months of the year, compared to a 2.7 per cent rise in the period from October to December last year.

House prices nationally are now 7.2 per cent higher than they were a year ago, while prices in Greater London are more than 17 per cent higher than they were a year ago. However, the national figures for the first three months of the year have lead to speculation the boom may be waning slightly.