The UK's housing crises
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Reduced demand during the recession has been reflected in falling house prices outside London and the South East and a slump in construction everywhere. Data from the Department for Communities and Local Government show that between their peak in 2007 and 2011, house prices fell by 12% in the North East and by 10% in the North West. Between September 2011 and September 2012, land registry data show further price falls of 3.2% in the North East and 2.2% in the North West.
There has also been a severe slump in construction in these parts of the country. In the North East, construction (measured as permanent dwellings completed) has fallen by 36% from its 2007/08 peak. In the North West, construction has fallen by 47%.
Prices have held up much better in London and the South East. A large initial fall in London (9.3%) was quickly offset by subsequent rises, leading to an overall increase of 3.8% between 2007 and 2011. The South East saw a similar initial fall and a slightly weaker recove...
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