North-south property divide widens as London house prices rise at fastest rate since recession and north of England market stagnates
Monday 29 April 2013
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.
- 1 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
- 2 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 Spiritual leader allegedly manipulated 400 men into removing testicles to be 'closer to God'
Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
PornHub turns masturbation into energy in bid to save the planet
Spiritual leader allegedly manipulated 400 men into removing testicles to be 'closer to God'
The 'sex selfie stick' lets you FaceTime the inside of a vagina
New theory could prove how life began and disprove God
End of the licence fee: BBC to back radical overhaul of how it is funded
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
£24000 - £27000 per annum: Recruitment Genius: The largest supplier to the UK'...
£24000 - £30000 per annum: Recruitment Genius: A Graduate/Junior Software Deve...
£15000 - £20000 per annum: Recruitment Genius: An experienced Sales Executive ...
Negotiable: Recruitment Genius: Night Porters are required to join a family-ow...