19 Oct

North-south house price gap grows

North-south house price gap grows

The north-south house price divide is widening, according to new figures.

Statistics from mortgage lender Halifax show that the average price of a house in the south hit 265,921 during the third quarter of 2007.

Meanwhile, the average value for properties in the north was 68 per cent lower at just £158,636.

Halifax said that in the first quarter of 2006 the gap had stood at 56 per cent.

Areas showing the largest growth over the last 12 months, according to Halifax, were Northern Ireland and Greater London, which posted increases of 29.1 per cent and 18.6 per cent respectively.

Rapid growth was also noted in Scotland (14.1 per cent), the south-east (13.7 per cent) and East Anglia (11.1 per cent).

Martin Ellis, Halifax chief economist, said: "Sound market fundamentals, including high levels of employment and a shortage in the number of properties available for sale will continue to support house prices."

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