House prices in north east fall below £100,000 | Money | guardian.co.uk

House prices in north east fall below £100,000 | Money | guardian.co.uk

The average house price in the north east of England has fallen below £100,000 according to official figures from the Land Registry which reveal a widening chasm between London and the rest of the country.

In England and Wales, the average property fell in price by 1.3% across the whole of 2011 to £160,384, with prices in December flat compared to the same month a year ago.

But in the north east, an area ravaged by public spending cuts and unemployment, prices plumetted by 7.1% in 2011 to an average of £99,464, the lowest level in eight years. It is now the only region in the country where prices are on average below £100,000.