Indeed, my Zen IP shows as Barnet and I'm in Sheffield.
I believe only Virgin have specifically regional IPs due to how their network routing works with IP addresses regionally assigned (I believe the public routed Internet is closer to the customer, so can literally take the quickest route to your neighbours rather than going to London and back, great for peer to peer networking).
As most ISPs backhaul to London, the IPs tend to be registered as around that area as that is the point its connected to the public Internet and that IP address could have been assigned to anyone at that ISP across the country.
I consider this a good thing, it means websites can't trace back to where you are physically located from the IP alone.