Yorkshire tops league of worst housing performers
HOUSE prices in the Yorkshire region fell the furthest in England in 2012, according to Nationwide.
The 2.5% drop over the year meant the region was the weakest performing across the year.
Nationwide, the author of the house prices survey, said the results demonstrated that the North/South divide in property prices continued to widen.
For the final quarter of 2012, house prices in Yorkshire and the Humber also fell by 1.1%, making the region one of the worst performers with the typical price of a house now standing at £131,046.
Bradford was ranked the worst performing regional city with the average price of a house falling by 9% in 2012.
Robert Gardner, Nationwide’s chief economist, said: “Average UK house prices rose by 0.5% in the final quarter of 2012, after allowing for seasonal effects. Prices were down 1.1% over the year as a whole.
“England continued to outperform the other home nations, with prices down 0.4% in annual terms.”
The price of a typical home in England declined by 0.1% in December, the research found. The typical UK home is now worth £162,262.
Mr Gardner added: “The outlook remains uncertain. Continued low interest rates and policy measures such as the Funding for Lending Scheme should provide some support.
“But, with the economic recovery expected to remain fairly weak, the housing market is likely to be characterised by low levels of activity again in 2013, with prices remaining flat or modestly lower over the course of the year.”
