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Treasury must pay billions of pounds to convince investors to buy gilts that it needs to sell to cover government borrowing
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House price falls: A region-by-region breakdown
House prices have fallen by an average of 17.7 per cent over the last year, taking prices down to levels not seen for five years, according to the Halifax. The average home now costs £154,716, down from a peak of more than £200,000 in September 2007. However, the national average figures masked widespread regional variations.
Here is a list of the percentage decline from the first quarter of 2008 to the first quarter of 2009 for each region in the UK.
1. Northern Ireland
Percentage change -22.2 %
Average house price Q1 2009: £169,401
Average house price Q1 2008: £217,663
2. Greater London
Percentage change -20.9 %
Average house price Q1 2009: £237,408
Average house price Q1 2008: £300,142
3. South East
Percentage change -20.1 %
Average house price Q1 2009: £202,952
Average house price Q1 2008: £254,070
4. North West
Percentage change -18.9%
Average house price Q1 2009: £122,111
Average house price Q1 2008: £150,625
5. East Midlands
Percentage change -18.8%
Average house price Q1 2009: £133,739
Average house price Q1 2008: £164,640
6. Wales
Percentage change -18.4 %
Average house price Q1 2009: £129,745
Average house price Q1 2008: £158,915
7. East Anglia
Percentage change -18%
Average house price Q1 2009: £156,200
Average house price Q1 2008: £190,381
8. Yorkshire and Humberside
Percentage change -16.8 %
Average house price Q1 2009: £119,580
Average house price Q1 2008: £143,760
9. Scotland
Percentage change -14.3 %
Average house price Q1 2009: £122,185
Average house price Q1 2008: £142,623
10. West Midlands
Percentage change -12.2 %
Average house price Q1 2009: £151,844
Average house price Q1 2008: £173,005
11. South West
Percentage change -12%
Average house price Q1 2009: £177,032
Average house price Q1 2008: £201,273
12. North
Percentage change -11.5%
Average house price Q1 2009: £134,330
Average house price Q1 2008: £151,793
UK average
Percentage change -17.5%
Average house price Q1 2009: £158,359
Average house price Q1 2008: £191,852
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