Over time, many things have come to represent the North-South divide in the United Kingdom: accents, food preferences, football teams. However, there is something else that differentiates the top of the UK from the bottom, and that’s house prices.
Property prices have been higher in the South than in the North for quite some time, which is in part due to a higher rate of income and cost of living. However, recent statistics from Nationwide have shown that this gap has begun to widen considerably further, with the average price of a house in the South of England now a whopping £163,000 more than a house in the North.
In 2014, a brief dip affected property prices in the South, but Nationwide’s figures show they’re back on the rise again. Property prices in the North of England increased between 2013 and 2014, but this growth was substantially less of than the increases witnessed in the South. However, fast forward to 2016 and the gap between the two is now as wide as it has ever been.
Nationwide’s statistics reveal that house prices in Southern England (which include areas such as the South-West, London, East Anglia and South-East) have shown a 9.9% increase year on year, whereas locations in the North (like Yorkshire, Humberside, and Lancashire) increased by a humble 1.8%. Wales, Scotland and Northern Ireland have also showed particularly sluggish growth in 2016 so far. House prices were up just 1.7% in Wales and 1.8% in Northern Ireland, whilst Scotland’s property prices were actually down 0.2% from the same period in 2015.
In the South, however, it has been an entirely different story. The Outer Metropolitan and London areas in particular exhibited high growth rates, ranking first and second for ‘fastest growing house prices’ respectively.
During March 2016, the average cost of purchasing a home in Britain was up by 5.7%, yet the gap between the North and South of England has widened to the point where properties sitting above the Midlands region are now half the price of those that sit below it – a record low for the United Kingdom.
The average price of a UK property is expected to rise again in the coming months, with increased wages and cheaper mortgages playing strong roles.
If you are thinking of moving to the North of England, let the property experts at Weale and Hitchen help you find the home of your dreams. Whether you’re looking for your first home, family home or you’re downsizing, we have a fantastic range of properties available for you to see.
We’ve been helping people find their perfect homes for over 25 years. So if you would like help with your property search from experienced property professionals, contact your local office today.
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