Only a few months ago, most regions were showing modest growth in property prices. This month, however, only Nationwide is reporting positive price rises across every region, while Rightmove – a lead indicator of where prices are heading – shows three out of nine regions rising, one flat and four falling.

The idea of a single ‘UK property market’ we have talked about for decades has really melted away. Today, each property effectively has its own market, shaped by a mix of factors.

These include the level of certainty and confidence in the transaction, the motivations and timescales of both the seller and the buyer, and the financial constraints on each side.

Legal considerations also play a growing role, from leasehold structures to building safety requirements, alongside more traditional influences such as location and property condition.

Future considerations, including local planning decisions, are increasingly factored into pricing and demand, while EPC ratings have become a material consideration for many buyers as energy efficiency and compliance costs move up the agenda.

One or more of these can change the price achieved for the same property by thousands – or even tens of thousands – of pounds in today’s market.

This is a message we really need to get across to both the media and the public.

Commentary from the indices on the regional property prices:

Home.co.uk

“Yorkshire remains the top regional property market growth leader with a year-on-year gain of 3.2%, albeit notably sub-inflation. Meanwhile, the South West remains the worst regional performer with a worsening annualised decline of 1.3%, just outpacing London’s annualised decline of 0.9%.”

Zoopla

“Activity remains strong in several regions: sales agreed are up 3% in Scotland, 4% in Yorkshire & the Humber, 1% in the South West, and 1% in the West Midlands. The picture is more subdued further south, with sales agreed down 9% in Wales, 8% in the South East, 6% in the East of England, and 5% in London.”

“Selling times are highest across southern England, reaching an average of 45 days in London, which is about 20% slower than last year. In contrast, homes in northern England and Scotland are still selling fastest, reflecting stronger local demand.”

Halifax

“In England, the North East recorded the highest annual growth rate, with property prices rising by +4.1% to £180,924. London and the South East saw prices fall slightly in October on an annual basis, by -0.3% and – 0.1% respectively. The capital remains the most expensive part of the UK, with an average property now costing £542,273.”