North South property divide widens

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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 A?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 A?155,000; in Yorkshire and the Humber the cost is A?149,000 and in the north west, A?152,000. This compares with an average house price of A?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 A?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 A?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 A?140,000.


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