House market 'bouncing back quicker in South'
Tuesday 28 September 2010
The housing market in the South has bounced back more quickly than that in the North following the steep price falls seen since 2007, research indicated today.
The top 10 areas which have been the most resilient to the housing market downturn are all in the South, while eight out of the 10 worst performing regions are in the North, according to property website Zoopla.co.uk.
Average house prices across England are 8.7% below their 2007 peak at £225,045, although they are 11.2% higher then at their lowest point in March 2009.
Bath and North East Somerset has led the recovery, with prices now just 1.5% or £4,398 lower than the high they reached in 2007.
The London market has also performed strongly, with property prices recovering all but 3.5% of the amount they lost, while in Oxfordshire and Warwickshire they are 4.7% and 4.8% respectively below their peak.
Hertfordshire, West Sussex, South Gloucestershire, West Berkshire, Hampstead and Surrey complete the top 10 best performing regions, with prices in all of these areas within 5.5% or less of their 2007 high.
But at the other end of the scale, house prices are still 11.2% down on their 2007 peak in Lincolnshire, while they are 11% lower in Nottingham, 10.7% lower in South Yorkshire and 10.5% down in Worcestershire.
The West Midlands, West Yorkshire, Northamptonshire and Greater Manchester are also among the 10 worst performing regions for house prices, with the Isle of Wight and North Somerset the only regions outside of the North to make it on to the list.
Research by the group also found that the top 10 regions with the highest house prices were all in the South, while the 10 regions with the lowest property values were all in the North.
The average cost of a home in London at £413,350 is nearly three-and-a-half times more expensive than the average cost of one in North Lincolnshire, where house prices are lowest, at £124,921.
Nicholas Leeming, commercial director of Zoopla.co.uk, said: "In terms of both current house prices and market performance over the past three years, there is a clear north-south divide.
"The manufacturing base of the Midlands was severely hit by the recession and heavy job losses have taken their toll on the region's economy.
"As the economy strengthens the housing market will likely perform best in those areas least sensitive to the upcoming public sector cuts and the property divide looks set to get even wider."
Independent Partners: Get fee-free expert mortgage advice and find the right mortgage deal for you.
- 1 All Blacks Aaron Cruden misses New Zealand flight after drinking session, has brilliant excuse
- 2 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 3 'F*ck it, I quit': TV reporter Charlo Greene quits live on air in spectacular fashion
- 4 Alicia Keys leaks nude photo 'to create a kinder and more peaceful world'
- 5 Clothes store Joy angers mental health campaigners with Twitter exchange on bipolar disorders
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
iJobs Money & Business
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...
Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...
Day In a Page
A three-bedroom, 15th-century cottage with original features in the picturesque village of Sissinghurst
A six-bedroom terraced house with large south-facing roof terrace, cinema room and wine cellar
A new seven-bedroom home built in Queen Anne-style with swimming pool and parkland views in Mortimer
A listed, four-bedroom farmhouse in the rural hamlet of Rushall with detached barn, four acres of gardens and paddocks
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize