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UK property market sees wider north-south divide
There is a widening gap between property prices in the north and south of England, figures from Lloyds TSB have revealed.
Its report shows that property sales in the south of England have fallen 42 per cent since the 2007 peak, compared with a fall of 51 per cent in the north.
Overall, property sales have dropped 47 per cent in the past three years.
However, mortgage holders in London led a modest road to recovery last year, with sales increases of 22 per cent compared to 2009, followed by a seven per cent rise in Wales, although every region apart from East Anglia witnessed some boost to sales.
Jon Brown, partnership manager at iammoving.com, commented that there will likely be a lull in property demand this spring, but this is expected to rise over the summer months.
"If you are looking year-on-year, you would hope to see a slight improvement in new instructions and new homebuyers, but there is in some ways even less support for first-time buyers than there was last year. It is going to be tricky," he said.
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Its report shows that property sales in the south of England have fallen 42 per cent since the 2007 peak, compared with a fall of 51 per cent in the north.
Overall, property sales have dropped 47 per cent in the past three years.
However, mortgage holders in London led a modest road to recovery last year, with sales increases of 22 per cent compared to 2009, followed by a seven per cent rise in Wales, although every region apart from East Anglia witnessed some boost to sales.
Jon Brown, partnership manager at iammoving.com, commented that there will likely be a lull in property demand this spring, but this is expected to rise over the summer months.
"If you are looking year-on-year, you would hope to see a slight improvement in new instructions and new homebuyers, but there is in some ways even less support for first-time buyers than there was last year. It is going to be tricky," he said.
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Published: 06/04/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.