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North/South divide property divide re-emerges

A North/South housing market divide is re-emerging in the UK, according to a March survey by the Royal Institution of Chartered Surveyors (RICS).

As residential rates rise in London and rental prices continue to increase, several areas in the South West of England also look comfortably positioned as prices begin to stabilise.

By contrast, the north of England and areas of Scotland still look yet to bottom out. Through March, 23% more surveyors reported decreasing than rising property prices, with 60% of them believing levels had remained broadly unchanged, according to Rics.

London, is the only city to show price rises, now has a price net balance of +17 – highlighting the balance of surveyors reporting positive news.

This is significantly higher than the -52 and -51 registered by the East Midlands and Humberside respectively. Scotland, at -1, and Northern Ireland at -35, have also experienced stagnating, if not declining, local property investment. That said, this decline, while important, is no longer occurring at such a dramatic pace.

A majority of surveyors interviewed by Rics reported that drops in property prices were tending towards the 0% to 2% range, and just under 60% of surveyors reported no change in pricing.



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