South-east England and Scotland are set to bounce back fastest from the deepening house price slump but other parts of the UK will take as much as six years longer to see a similar recovery, according to Savills.
The pace of future house price rises will vary widely across the country, Savills said, leaving some homeowners mired in weak markets for much longer.
Parts of London and the south-east will lead the recovery – following an average national fall in prices of about 25 per cent between 2008 and 2010. By 2012, Savills expects values in these regions to recover to the pre-slump levels of 2007. Scotland, similarly, will have recovered by 2012.
Northern Ireland and the north-east, however, are not forecast to recover until 2016 at the earliest. House prices in the north-west, Yorkshire and Wales are not likely to return to 2007 levels until after 2015.