Even within UK regions where house prices are booming, new data has revealed that some left-behind areas are suffering severe declines.
The gap in price growth between regions is well known, but figures from the Office for National Statistics (ONS) also highlight pockets of lagging prices in the rapidly growing East Midlands and South West.
At the same time, despite the capital’s sluggish housing market, prices in some London boroughs continue to surge.
East Midlands ex-mining towns in trouble
Rising house prices in the East Midlands – the UK’s fastest growing region with 7pc growth – have been touted as a boon for the area.
But not all parts of the region are enjoying this pick up, as the increase has been driven by surges in the relatively affluent districts of Hinckley, Bosworth, Oadby and Wigston.
House prices in ex-mining town Bolsover, which boasts the lowest average house price in the region at £115,624, dropped by 0.17pc. Growth in Amber Valley, with a similar historic reliance on mining, was also among the lowest in the East Midlands, with an increase of just 0.8pc.
Luke St Clair, a director of Knightsbridge Estate Agents, which operates in Oadby and Wigston, told The Telegraph that price growth in the area is mainly driven by demand from families moving to the catchment area of good schools.
"In Oadby, house prices have risen because of the schooling," he said. “Beecham College, which is now an academy, is in the top 10 schools in the country and all of the schools in the area are rated outstanding by Ofsted, which is the big driving factor."
Prices are still growing in many cheaper London boroughs
On average, London house price growth has become the worst in the UK, increasing by just 2.1pc – less than half the UK average of 4.5pc – but this stall has not been felt uniformly across the capital.
Prime central areas of London have peaked
Sarah Lowry, Chestertons Estate Agents
The drop is mainly driven by tumbling prices in expensive boroughs such as Kensington and Chelsea or Westminster, where the high average house prices of £1,246,683 and £971,478 respectively leave no room for growth.
Sarah Lowry, Associate Director of Chestertons Estate Agents' Westminster branch said: "Prime central areas of London have peaked, like Knightsbridge, Mayfair, Kensington and Chelsea and those very central locations."
In cheaper boroughs such as Tower Hamlets, Redbridge and Newham, price growth continues to outstrip the UK average as high housing costs force Londoners to move to less affluent boroughs.
Prices in the south-east London borough of Greenwich – where the average house price of £404,271 is less than half that of Westminster – shot up by 7.9pc.
North East has some of UK’s most rapidly declining areas
The North East is the UK’s slowest growing region after London, with average growth of 2.4pc, just behind the UK average.
And while house price growth may slightly outpace that of London, the gap between the quickest and slowest growing areas is just as wide.
South Tyneside saw an increase of 9.6pc - and is predicted to be one of the UK’s fastest growing areas over the next five years, according to estate agent Savills - but other areas such as Hartlepool fell by a staggering 6.1pc during the same timeframe.
Indeed, some of the North East’s worst performing areas were its major cities - with prices in Newcastle upon Tyne.
West Devon trails England’s booming South West
In the South West, the average house price grew almost as fast as in the East Midlands, with overall growth in the region at 6.7pc.
The South West boasts the second fastest growing area in the country, West Somerset, where prices shot up by 13.4pc. Neighbouring Torridge, another scenic coastal area where prices are rocketing, was close behind with 13pc growth. Soaring prices have added an average of £30,000 to houses in these regions this year.
But, like other regions, this growth has not been uniform, with some areas lagging behind their neighbours. West Devon trails the rest of the South West with a 0.7pc fall in house prices.
Kai Logan, Group Marketing Manager at Bradleys Estate Agents in the South West, said that the variation in the region’s house price growth owes much to different transport links.
He told The Telegraph: "In Somerset the road and rail links, especially in Taunton and the surrounding 20 or 30 miles are very, very good. The road and rail links have improved down to Torbay, South Devon, hence those prices have gone up."
Logan said living further west, in areas such as Plymouth, would add an extra hour to commute times to the City of London - too far for most commuters - although some of these coastal areas still benefit from a tourism boost.
"The advantage with East Devon is about accessibility and links. When you go further west it becomes more of a lifestyle choice," said Logan.