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Property market in the North falters as new homes depress prices

The North of England’s property market was the worst-performing region in Britain for house price growth in the three months to September, with prices falling by 1.7pc, according to data from Nationwide.

A surge in the supply of new homes in the North is to blame, said Jonathan Hopper of buying agent Garrington. “Housebuilders were slow to start building again in the North, but new homes are finally coming on stream now. That jump in supply has depressed prices,” he said.

Nationally, annual house price growth steadied at 2pc, with monthly prices up 0.3pc during September, taking the average property price to £214,922.

London also saw a fall in prices, of 0.7pc, making it the fifth consecutive…