THE rise in house prices slowed in September to the lowest level since April, according to a new survey.

However, there was a North-South split in the market, according to the research by the Royal Institute of Chartered Surveyors (RICS).

The South showed a more marked slowdown in prices, possibly reflecting higher prices in the area, while the Midlands and North held up well, given the time of year.

The number of prospective buyers fell away sharply though in the days following the attacks on New York on September 11.

Despite this slowdown in the rise of house prices, one independent financial advisor, Key Retirement Solutions, claims retired homeowners in the South East have seen a £15bn increase in the equity of their homes.

However, this is not the story for the whole of Britain, with homeowners aged 65 and over in the North-East seeing the smallest increase of any region.

Equivalent homeowners saw the equity in their North-East homes increase by just £1bn.

Colin Taylor, managing director of Key Retirement Solutions, said: "The property price increases have seen older home owners in England make around £62.3bn in the last 12 months and they are sitting on around £610bn in equity in total.

"However, despite this, many retired people are still finding it hard to make ends meet with around 61 per cent being classified as living in poverty or on low incomes."