NW house prices down 1.6% in 2012

THE average house price in the North West slipped 1.6% to £133,253 during 2012 as the North/South divide in property values became more evident.

Figures from the Nationwide Building Society showed the drop in North West property values was worst than the UK average decline of 1.1% during the year, but more resilient than Yorkshire and Humberside (-2.5%), Wales (-2.7%), Scotland (-3.3%) and Northern Ireland (-8.2%).

By contrast there was a rise of 0.7% in London with average value of £300,361 and 0.2% in the South West to £184,625.

Commenting on the figures, Robert Gardner, Nationwide’s chief economist, said: “Within England, the North/South divide in property prices continued to widen, with the price of a typical home in the South now around £95,000 more than in the North, a new high and around 2% more than at the close of 2011.”

Nationwide said Manchester and Liverpool were among the worst-performing major cities, with an average annual fall of 9% in Manchester to £171,830 and 8% in Liverpool to £144,050 during the year.

Sub-regionally, Cheshire was the most resilient part of the North West in 2012 with a 2% fall, with the city of Manchester was the worst performer.