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%
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