Property Prices Rise Faster In The North
House prices in the UK have been rising faster in the North than in the South over the past decade, for the first time in history, according to new research.
Figures published by Halifax suggest that, between 2000 and 2010, the cost of a typical northern property more than doubled, while the value of homes in the South rose by just 75 per cent.
However, the cost of buying a home in the country’s southern regions is still far higher than prices in the North.
Shortly after the start of the millennium, a typical northern home would set buyers back by just £65,476. The figure now stands at more than £132,000.
Meanwhile, in the South, average prices have steadily increased from £117,811 at the end of 2000 to £206,091 now.
Across the UK as a whole, house prices were found to have risen by 91 per cent – approximately £78,000 – over the past decade.
Suren Thiru, housing economist at Halifax, said that the turn of the century marked the beginning of strong price growth throughout the country.
“The traditional home of price gains, the South, was left behind by strong growth in the North where house prices more than doubled over the period.
“However, recently, there has been a slight reversal of this trend with the housing market in the south of England outperforming the rest of the country over the past few years,” he explained.
