North-South gap in housing fortunes becomes a gulf
Friday 6th January 2012
Average house values in Britain finished last year unchanged at £221,331, down just £854 (0.23%) from the start of the year.
But the North-South divide continued to widen, according to property portal Zoopla, which carries valuations of homes including those not on the market.
Scotland, where average property values now stand at £164,844, outperformed the rest of Britain in 2011, recording an average increase of 6.73%.
Average home values fell across England by 0.75% (£1,719) and finished the year at £228,926, while the average property in Wales is now worth £153,826, down £172 (0.11%) on one year ago.
In England, property values have risen over the past 12 months in London and the South-East but have fallen substantially in the North.
The average home in London is now worth £416,890 – up £9,283 (2.28%) on one year ago.
The North-East was the worst performing region with average house prices falling £9,596 (5.77%) to £156,659.
Nicholas Leeming, director of Zoopla, said: “National statistics on the housing market can mask differing fortunes in different parts of the country.
“Londoners continue to see the market go from strength to strength, with high demand for a limited number of properties boosting house prices.
“However, for areas such as the North-East where the local economy has suffered more than most, it’s a different story.
“2012 does not show much sign of being markedly different to 2011.
“However, if the overall economy starts to show signs of strength, this will filter quickly through to the property market.”
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