Peter Bolton V Fred Harrison

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Concurring with these findings, Nationwide revealed that the average house in the UK is now worth 6.9 per cent more than a year ago. It also found that the London market performed better than any other in England, with annual growth of 7.3 per cent. By contrast, homeowners in the north only saw the value of their property rise by 0.8 per cent over the same period of time.

But this positive news resounds ominously with a cyclical economic philosophy developed by economist Fred Harrison, author of Boom Bust: House Prices, Banking and the Depression of 2010. He told BBC Radio Five Live's Wake Up To Money programme: "We always see a ripple effect that starts in London and the south-east and then reaches out to the farthest corners of the United Kingdom. "We're now into the final phase of the second ripple effect. In the past six months it's been London and the southeast that's had most of the gains, and this will creep out to the rest of the UK before we see the crash."

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Edited October 13, 2006 by Buffer Bear