Mixed property picture across UK regions in first quarter

Robert Gardner, Nationwide’s Chief Economist, said: "Across the UK, prices rose by 1.0% in the first quarter of 2011, but this was not sufficient to prevent the annual rate of change slipping into negative territory, with prices down 0.3% year-on-year.

"Amongst the regions, Yorkshire and Humberside saw the strongest quarterly rise, with prices up 3.4%. This pushed up the annual rate of change to -0.9% from -3.6% last quarter.

"Northern Ireland remained the weakest region, with a 2.2% fall in the quarter pushing the annual rate of change down to -10.8%.

"The North was the weakest performing English region over both the quarter and the year, with prices down 1.5% year-on-year. The Outer Metropolitan region saw the strongest growth on an annual basis, with average prices 2.7% higher than Q1 2010.

"Quarterly price growth in London rebounded after a weak figure in Q4, with a seasonally adjusted price increase of 2.3%. Prices in the capital were up 2.1% compared with the same quarter one year ago.

"Scotland saw a 0.3% quarter-on-quarter rise, but the annual rate of change was unchanged, with prices down 2% year-on-year.

"Whilst Wales saw a 0.6% rise in the quarter, this was not sufficient to prevent a further decline in the annual rate of change to -2.6%. Wales was the second weakest region on an annual basis behind Northern Ireland."

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