Northern house prices catching up with those in the south
12 July 2003
Britain's biggest mortgage lender has announced that house prices in the north of England are fast catching up with those in the south.
According to The Halifax, over the last year house prices rose at the fastest rate in Yorkshire. However, in London the market seems to have reached a standstill.
The report states that the average UK house price stood at £129,443, whilst those in London cost £218,404. The gap between the two showed a significant narrowing from the record £95,000 in the first quarter of this year to £89,000.
The report dubs the rises as evidence of 2003 being the "Year of the North". Indeed, Macclesfield in Cheshire saw the biggest rise in prices at 51 per cent. This was followed by Grimsby with a 49 per cent rise, Spalding seeing 48 per cent, and Halifax not far behind on 46 per cent.
This is compared to some Southern markets, which have seen house prices actually fall.
A spokesman for The Halifax said: "Continuing housing market buoyancy in the north over the second half of the year combined with a pause for breath in the south should close the gap further."
Despite the shortening of the gap, it is reported that there continues to be a significant divide between the north and south.
Amazingly, the average price of property in London is in some areas 69 per cent above the UK average. This is compared to the same areas being only 23 per cent above the national average ten year's ago.