House prices are now officially twice as high in the south of England when compared to the north, according to new a study conducted by Rightmove who found that a typical house in the south now costs £336,743 when compared to £164,347 in the north.
The fragile UK housing market has led to a high demand for properties in the South. Experts agree that asking prices across London, the South-East, South-West as well as East Angila rose by 4.7% in September.
House prices across the country fell last month and have been predicted to fall by as much as 10% by 2013. However, Rightmove believes that the south, and London could buck the trend.
Since the start of the recession, house prices have fallen by 9.6% in the north but have jumped by 5.4% in the south.
Miles Shipside, Rightmove Director, said; “While those in the affluent south may have cause to celebrate their prices being well up on this time last year, prices in the north continue to go backwards, leaving the widest price gap ever. For the average asking price of a property in the south you could now buy two average properties in the north and still have enough change left to buy new carpets and curtains.”
Banks and lenders are also easing up on mortgages as the market is experiencing the highest level of mortgage approvals since November 2009. With low-rate deals widely available, this could encourage movers to head to the south whilst public sector job cuts hit the north particularly hard.
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