Perhaps surprisingly, Scunthorpe is number one in a list of 20 areas most likely to see big percentage rises. Other Lincolnshire hotspots are East and West Lindsey.
The North-East is well represented, with Scarborough, Darlington and Stockton also among the 'golden 20'.
The Nationwide study confirms that 2002 saw the biggest housing boom since the late 1980s. Gross mortgage lending was around £215billion, up 36 per cent on 2001 and four times the figure in 1989.
The number of homes which changed hands was around 1.6million - 4,400 a day - the highest figure since 1989.
Regionally, Yorkshire & Humberside posted the biggest annual percentage price rises - up 35 per cent to £91,480. The South-West came in second, with a 31 per cent rise to an average of £136,698.
London managed a relatively modest 21 per cent, enough to take the average sale value to £204,939. Scotland and Northern Ireland fared worst, with a 16 per cent increase.
Nationwide group economist Alex Bannister predicted prices would rise by 10 per cent on average, ranging from 5 per cent in London to 15 per cent in the North.
'At a more localised level it is highly likely that we will see some price falls, even if these are not sustained for a prolonged period.
'A crash is possible but pretty unlikely. We have pretty good economic conditions and low interest rates and there is no reason why we should see a repeat of the early 1990s.'
