House Prices: The North-South Divide Widens

Published on 29 September, 2015

House Prices: The North-South Divide WidensDemand sees house prices rise across England and Wales, although our figures suggest that the North-South divide has widened

London and the South East;

  • Looking at our sales agreed the average house price in London and the South East now stands at £310,676
  • Sales agreed with us throughout London and the South East have seen house prices rise by 13.47% based on the same period last year
  • Demand for property in London and the South East has seen us achieve an impressive average of 99.1% of all asking prices
  • According to our own London sales data, the average price of property in the capital now stands at £457,948

The North;

  • In contrast in the North, based on our sales agreed the average house would set you back £171,706
  • Based on our figures again for sales agreed, the average house price in the North has actually marginally increased by less than 1.00% based on the same period last year
  • Despite the average house price falling, demand seems to remain, which is evident with 97.3% of asking prices being achieved

Summary;

There is no doubt that the shortage of homes is resulting in soaring house prices, although, of course, this is not a problem just impacting the South. In the North East and Cumbria, the National Housing Federation have reported that targets to build new homes have fallen short by 15,943 houses - a shortfall of 38.3%.

Widespread criticism has led to housing minister Brandon Lewis to announce that the government aims to build a million new homes across England by 2020.

Here at Hatched we're often informed by potential customers that they would like to wait to find somewhere before they market their own house. However, by having your property listed for sale in the current market conditions, you can be sure that there will be no shortage of buyers, and you'll be an excellent position to proceed. If you're interested in how you could benefit from the current market conditions in your area then please feel free to request a free sales valuation with no obligation.

 

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