A new study has shown that the average house price in the South of England is now over twice as much as in the North.
The latest pricing index from property firm Rightmove shows an average home in the South now costs £336,743 compared to just £164,347 in the North, a gap of £172,396 which is the biggest in the index’s nine-year history. The survey also showed that the gap may increase wider still as, in London, the South-East, South-West and East Anglia asking prices went up by 4.7% last year while they fell in the North.
The downturn in the economy has led to predictions that house prices nationally will fall by as much as 10% within the next couple of years but, if the downturn continues, London and the South-East may well buck the trend and could even see prices rising. In the last four years, since the beginning of the credit crunch, the South has seen asking pricing grow by 5.4% while they have fallen 9.6% in the North.
Rightmove spokesman Miles Shipside said that, while there were hopes for a market recovery, in reality there is a “two-tier” market with the gap between North and South continuing to grow. If you require conveyancing services, get in touch with our specialist team.
