14 Jul

Price gap widens for houses for sale in London

Price gap widens for houses for sale in London

First-time buyers trying to get onto the property ladder may find that houses for sale in Yorkshire are more affordable than property for sale in London.

The gap between London prices and the average values for England and Wales is the widest it has been for ten years, according to Savills.

Houses for sale in London are worth 113 per cent more than the average property in England and Wales, the property firm has revealed.

The gap was 73 per cent in 2005/6 and 47 per cent in 1995, showing a steady price climb in the capital.

Lucian Cook, director of residential research at Savills, says buyers taking equity out of London boost prices in regional markets.

He commented: "The weakness of the ripple of wealth out of the capital this year has reduced competition for prime regional property."

Buyers could find prime houses for sale in Yorkshire and the Humber, far from the capital, are now within budget.ADNFCR-1222-ID-800622443-ADNFCR

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