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North South property divide widens

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by Gill Montia

The Halifax has published its latest quarterly regional house price report which shows a widening gap between average property prices in the north and south of the UK.

House price inflation in London has reached a point where the average cost of at home, at £313,000, is double that of the average cost in the north of the country.

Prices in Greater London rose by 4.9% between April and June, increasing house price inflation in the capital to 18.4% over the past 12 months.

Across the north of England the average cost stands at £155,000; in Yorkshire and the Humber the cost is £149,000 and in the north west, £152,000. This compares with an average house price of £260,000 across the South East of the country.

Northern Ireland stands out with a remarkable 47% increase in the average cost of a home over the past year.

In the three months covered by the survey the cost of an average home in the province rose by 8.5%, to £228,790, partly as a result of investment from the Republic of Ireland.

However, the Irish property market is showing signs of cooling down and this is expected to have a knock on effect in Northern Ireland.

Currnetly, Yorkshire and the Humber are the only regions in England where the average home costs less than £150,000.

In Scotland, where inflation stood at 0.6% during the three months to the end of June, the average cost of a home is £140,000.

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News posted: July 23, 2007

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