Extract 1 – The regional prosperity strategy As part of the government's economic agenda to address geographical disparities in economic growth, regional wage differentials and house price trends have become key indicator metrics. Wage discrepancies, shown in Fig. 1.1, remain high between southern and northern regions. Fig. 1.1: Average Weekly Wage (£s) by region in 2022 * UK Average: £680 * North West: £600 * West Midlands: £610 * South East: £760 * Scotland: £640 Economic research suggests that housing market illiquidity is a major barrier to geographical labor mobility. This is driven by divergent house prices, detailed in Fig. 1.2, which prevent workers from migrating to regions with higher-paying job opportunities. Fig. 1.2: House Price Index 2008–2022 (base year = 2008) * South East: 2008 = 100, 2015 = 180, 2022 = 290 * North West: 2008 = 100, 2015 = 140, 2022 = 190 * West Midlands: 2008 = 100, 2015 = 150, 2022 = 210