The gap between the North and South widens
January 19, 2008
According to recent data the difference between property prices in the North and the South of England is getting greater and greater, leaving an ever-widening gap when it comes to property prices in different parts of England. Recent figures indicate that the gap between property prices in the North of England and those in the South of England has widened by over £15,000.
Figures from the Nationwide Building Society suggest that a property in the South of England now costs an average £90,000 more than the same type of property in the North.
Officials state that the widening difference in house prices began in 2004, and has been growing ever since. According to the results of an annual survey the most expensive properties are to be found in areas such as London, Outer Metropolitan and the South East, whereas the lowest prices are to be found in North West, Yorkshire and Humberside and the East Midlands.
Officials from the Nationwide have also stated that house price growth in the South is three times faster than in the North, with the average rise of 3.4% in the North compared to 9% in the South.
The figures have fuelled concerns with regards to how hard hit the South of England will be by the slowing housing market. Experts state that although demand is still strong in the South of England the cost of property means that affordability is very low, and this could have a major impact in many areas in the South.
One official from the Nationwide stated: ‘Very poor affordability conditions, along with turmoil in financial markets which have cast doubt on bonus and employment prospects in the City, mean that London’s housing market will continue to weaken. But with supply constraints in the capital unlikely to go away quickly and with employment required for the Olympics development, there will continue to be some supporting factors for London’s house prices.’
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