North-south property divide widens as London house prices rise at fastest rate since recession and north of England market stagnates
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The north-south divide in house prices is widening further as prices in London continue to rise at a rate not seen since the recession, in contrast to a stagnating market in north of England.
Land Registry market data released on Monday offered no sign of the capital’s property boom abating soon, with the average selling price of a property reaching a new record of £374,568. In the affluent borough of Kensington and Chelsea the average price of a property now stands at £1.1m – a 12 per cent increase since March 2012.
But while prices across the capital increased by an average of 9 per cent last year, home-owners in the North-west and North-east of England have seen the average value of their homes drop by 5 per cent. In the North-east the average value of homes has dropped to £97,033.
Chi Onwurah, the Labour MP for Newcastle Central, told The Independent: “Looking at this stark difference in house prices, it is a clear indicator of the Government’s failure to invest in growth in our regions.”
Experts have warned of the danger of a market that is approaching a tipping point again. They said the rise in property prices in London had been triggered by international buyers from Asia capitalising on strong exchange rates and a weak pound.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments