Property prices fell in nine of the 13 regions in the UK in the second quarter of the year, according to research from Nationwide.
The research found that overall house prices fell by 1.1% year on year, bringing the cost of an average home in the UK to £164,955.
Northern Ireland saw the largest dip in property prices compared to the same period last year, down by 10.6% to £110,422.
This was closely followed by Wales, down 5.3% to £131,840, and the North West, which was down 4.1% to £134,905.
Further figures from the research revealed that Wales’s property market has seen a decline for three consecutive quarters, dropping by 1.1% in a quarter-on-quarter comparison.
In contrast, price growth was recorded in the Outer Metropolitan region, East Anglia and London.
“London saw the strongest quarterly growth rate, with prices up 1.0% quarter-on-quarter,” said Robert Gardner, Nationwide’s Chief Economist.
“Whilst the annual rate of growth moderated a little from 2.3% to 1.2%, average prices in the capital have now virtually recovered to their 2007 peak.”
Greenwich had the highest increase in property prices in London, compared to the same period last year, rising by 14% to £292,376. This was followed by 11% growth in both Westminster and Ealing.
The research also found that there continues to be a wide gulf between property prices in the south and north of England, with prices in the south being roughly £96,000 higher.
Not only that, but the south has outperformed the north in property prices for the thirtieth consecutive quarter, adding to the north-south divide.
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