North East/South East Divide In Labour Market

The employment rate in Great Britain was highest in the South East at 76.4% and lowest in the North East at 69.5%. The unemployment rate was highest in the North East at 9.8% and lowest in the South East at 4.8%. The North East showed the greatest increase in the employment rate at 1.3% then East Midlands at 1.2%. All regions, with the exception of Wales, showed a general increase in employment rates. The only region to show an increase in the unemployment rate was the North East which increased by 0.3% to 9.8%, Yorkshire and Humberside are next with 8.2%.

The inactivity rate was highest in Wales at 24.8% and lowest in the South East and the East of England at 19.7%. The claimant count was highest in the North East at 5.4% and lowest in the South East at 1.8%.

Household Wealth By Region And Age

The age group in which wealth is the highest is the 45-64 year old group. Wealth remains relatively high in the 65+ age group but the age group with the lowest wealth is the group 25-44 year olds in which there are children and young adults.

The impact of region on household wealth is least is the 25-44 age group with larger regional differences in the 45-64 and 65+ age groups. A higher share of wealthy individuals live in the South East than in any other region. The North East region has relatively less wealthy households than other regions. It is particularly so for those aged over 65 and more people over 65 live in households with total wealth below £50,000 than those with total wealth over £500,000. In London 22% of 45-64 year olds live in households with wealth over £1m and 18% with less than £50,000.

The sources of wealth most likely to make the difference in wealth distribution are pension wealth and property wealth. The regional variation is greater for property wealth. People over 65 with net property wealth of over £250,000 are distributed regionally and total 41% for London, 38% in the South East, 32-33% in the East of England and the South West and 10-15% in the North East, North West, Yorkshire and Humber and Scotland and Wales. The share of individuals living with a negative net financial wealth varies from 21% in Scotland to 35% in the North East.

House Prices Up 10.1% On Last Year

The House Price Index (HPI) from the Department for Communities and Local Government (DCLG) for April 2010 went up by 10.1% between April 2009 and April 2010 and 0.4% on March. The average house price was £207,516 in April 2010 and the all dwellings index was 174.4.

Annual average house prices in England went up 10.9%, in Scotland 2.2% and in Wales 11.3% but N.Ireland house prices fell by 8.9%. First time buyers paid 12.2% more than a year ago. Average prices for former owner/occupiers were 9.3% higher. New properties were 7.6% more than last year and pre-owned houses were up 10.3%.

House prices rose in all regions of the UK except Yorkshire and Humber where prices fell 0.5%. East Midlands saw the biggest increase with a rise in prices of 2.7%. Over the year to April all regions have seen an increase in house prices. The largest increases were in London where there were price rises of 16.8%.

The average price for a house in England in April was £214,863, in Scotland £162,392, in Wales £151,079 and in N.Ireland £163,201. The English region with the highest average house price was London. The North East was the lowest with £139,595. The regions with an average house price above the national average were the East of England, London, the South East and the South West.