North-south property price divide widens

North-south property divide widens
North-south property divide widens
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The difference in house prices between the North and the South has widened to a record £169,000, according to a latest house price index.

The average house price in the North of England – which the lender identifies as the Midlands as well as Yorkshire and Humberside, North West and North East – is £155,222.

This compares to £324,078 at the other end of the country, which includes the South West, South East, London and East Anglia.

Nationwide Building Society's findings follows our coverage http://www.thestar.co.uk/business/brexit-will-have-a-dramatic-effect-on-your-home-s-value-1-7988382 yesterday warning how Brexit will hit your home value.

London's average price is £472,384. Annual growth slowed to 9.9 per cent in the year to June, from 11.5 per cent in the year to March.

Overall, prices in the UK rose by 5.1 per cent to £204,968 in the year to June, although this does not include the effects of the referendum.

Panmure Gordon chief economist Simon French predicts there could be a five per cent fall in house prices this year.

“It is inevitable that any turbulence in the UK economy is accompanied by doubts over current prices.”

However, he added that interest rates are low and housing stock is still in short supply, which should mean the market would recover.