North-South housing market divide is back – with a vengeance

New figures produced by estate agency Carter Jonas show that the long-term consequences of the credit crunch have exacerbated the historic north-south divide.

Looking at comparative prices between 2007, when the credit crunch started, and 2017, the agency reveals that while the Midlands and particularly the south of England have recovered well from the banking crisis, the north of England fares significantly more badly.

In the north east of England, for example, prices are still 7.0 per cent below their 2007 level. And in the north west and Yorkshire, rises have been so modest over the past decade (up 4.0 per cent and 5.0 per cent respectively) that inflation effectively means those properties have lost value, too.

Yet areas in eastern and southern England and in London, have seen vast increases of up to 81 per cent over the past 10 years. As a consequence, mobility between some regions is more difficult and once you leave London it appears harder than ever to afford to return.

The full Carter Jonas data is as follows:

North West England – 2007=£147,774; 2017= £153,297; up 4%

East Midlands – 2007=£154,459; 2017=£180,903; up 17%

East of England – 2007=£201,392; 2017=£284,907; up 41%

Inner London – 2007=£323,398; 2017=£584,617; up 81%

London – 2007=£282,726; 2017=£481,345; up 70%

North East England – 2007=£136,645; 2017=£126,738; down 7%

Outer London – 2007=£256,399; 2017=£427,752; up 67%

South East – 2007=£230,061; 2017=£315,087; up 37%

South West – 2007=£205,886; 2017=£243,969; up 18%

West Midlands – 2007=£146,628; 2017=£167,555; up 14%

Yorkshire and Humberside – 2007=£147,844; 2017=£155,268; up 5%

Mortgages – Find cheapest rates from 0.98%

mortgageMortgages - Find cheapest. Rates from 0.98%. 1st time buyers, remortgages, self-employed, adverse & CCJ, Landlord buy to let. Compare now

mortgageSell or Let Property FREE on Houseladder 0% no fees. Free property advertising. List 1 to 1000 properties to millions of buyers and tenants. Upgrade to a Premium advert for only £30 and sell or let your property FASTER! Create Ad

make-moneyMake Money - Earn £250 to £2000+ per month part time. Get paid every month for work you do once. Work from home. Flexible hours. Free training. No experience needed. Major UK PLC company. Find out how >>

taxHow To Save Property Tax - Updated Sept 2017 “How To Save Property Tax” is widely regarded as THE tax bible for property investors. The 21st edition has just been published (Sept 2017) and is completely up to date. Read now


Written by: Houseladder