Areas of the country that have experienced a sharp increase in property prices are more likely to experience a steep decline, it has been reported.

Nationwide''s housing market report for June to September shows that property in Durham grew by two per cent when compared to last year''s figure – the only place in Britain to experience growth.

However, the city had only experienced a "moderate growth" of 44 per cent over the last five years, leaving current house prices at £157,253 – below the national average of £161,797.

Roy Beale, spokesman at Nationwide, told the paper: "It''s not uncommon for regions that have experienced sharp increases over recent years to now be seeing sharp falls."

However, Jeremy Leaf, a spokesman for Royal Institution of Chartered Surveyors , told the Independent: "The recent turmoil in the financial markets has dented confidence further."

Mr Leaf said only those with significant finances will be able to access the housing market during the economic downturn.

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