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News | Published May 27 2019

British house prices show north-south divide

House prices in Scotland, Wales and Northern Ireland have increased by up to 3 per cent in the last year, while London has seen a 1.9 per cent decrease in house prices.

The figures, released by the Office of National Statistics, show a significant difference between house prices in the north and south of the nation.

The lowest annual house price growth was in London, up from a fall of 2.7 per cent in February 2019.

The north east followed London's yearly figure, where prices fell 0.8 per cent over the year.

Yorkshire and Humber showed the highest annual growth, with prices increasing by 3.6 per cent in the year to March 2019.

The West Midlands also saw the second highest annual growth with house prices increasing by 3.4 per cent.

Despite the recent increase in house prices in the north, houses in the south of Britain are still deemed "unaffordable".

The average house price in England is now £243,000. In London, these figures reach an average of £463,000.

The north east has the lowest average house price at £123,000, followed closely by Northern Ireland, where the average house price is £135,000.

A survey by The Royal Institute of Chartered Surveyors had earlier predicted that house prices in London will continue to fall for the whole of 2019.

Surveyors cited by the RICS blame Brexit as a significant factor for this decline.

In Derby, Steve Gadsby of Gadsby Nichols said: “Brexit is still the main issue causing market uncertainty. This is particularly relevant to mid and higher priced properties where purchasers seem to be awaiting a Brexit outcome before commitment.”

Some financial reporters have predicted that property price growths in the Midlands and north of the country can be attributed to confidence in the HS2 rail project.


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Authored by

The Parliamentary Review

@theparlreview
May 27 2019

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