19
Oct
North-south house price gap grows
The north-south house price divide is widening, according to new
figures.
Statistics from mortgage lender Halifax show that the average price
of a house in the south hit 265,921 during the third quarter of
2007.
Meanwhile, the average value for properties in the north was 68 per
cent lower at just £158,636.
Halifax said that in the first quarter of 2006 the gap had stood at
56 per cent.
Areas showing the largest growth over the last 12 months, according
to Halifax, were Northern Ireland and Greater London, which posted
increases of 29.1 per cent and 18.6 per cent respectively.
Rapid growth was also noted in Scotland (14.1 per cent), the
south-east (13.7 per cent) and East Anglia (11.1 per cent).
Martin Ellis, Halifax chief economist, said: "Sound market
fundamentals, including high levels of employment and a shortage in
the number of properties available for sale will continue to
support house prices."
