North-South gap in housing fortunes becomes a gulf

Friday 6th January 2012
Written by Rosalind Renshaw

Average house values in Britain finished last year unchanged at £221,331, down just £854 (0.23%) from the start of the year.

But the North-South divide continued to widen, according to property portal Zoopla, which carries valuations of homes including those not on the market.  

Scotland, where average property values now stand at £164,844, outperformed the rest of Britain in 2011, recording an average increase of 6.73%.

Average home values fell across England by 0.75% (£1,719) and finished the year at £228,926, while the average property in Wales is now worth £153,826, down £172 (0.11%) on one year ago.

In England, property values have risen over the past 12 months in London and the South-East but have fallen substantially in the North.

The average home in London is now worth £416,890 – up £9,283 (2.28%) on one year ago.

The North-East was the worst performing region with average house prices falling £9,596 (5.77%) to £156,659.

Nicholas Leeming, director of Zoopla, said: “National statistics on the housing market can mask differing fortunes in different parts of the country.

“Londoners continue to see the market go from strength to strength, with high demand for a limited number of properties boosting house prices.

“However, for areas such as the North-East where the local economy has suffered more than most, it’s a different story.

“2012 does not show much sign of being markedly different to 2011.

“However, if the overall economy starts to show signs of strength, this will filter quickly through to the property market.”

(11) Comments

Added by Happy Chappy on 2012-01-10 18:05:17

Hey Rant bater.....Are you a dog with bone or has a cat has got your tongue?
Added by PeeBee on 2012-01-10 15:43:17

What 'cock up'? rant simply asked a theoretical question. The words "What if...?" at the start of the sentence are a giveaway for those who understand and appreciate debate on either factual or theoretical levels.

YOU, on the other hand, are acting like a dog that thinks it has a bone that everyone wants to share - and continually wave it around in the hope that we chase you for it. Well, sorry - looks like you are playing with yourself on this one now. Oh, sorry - having read this over I meant 'playing BY yourself...'

So - as I would suggest that you are becoming even more boring and repetetive than ME (and that takes some doing...) - hows about you utilise a brain cell or two, and respond to the question that is giving you the bone so as to speak instead of continually trying to score a point where there is none to be had.

As I have said before - I for one would LOVE to read your answer...
Added by rantnrave on 2012-01-10 15:05:54

I see you've dropped the first part of my comment, having realised it was actually correcting your earlier mistake in that thread.

So, the question remains, what would happen to UK house prices if it became illegal or impossible to borrow the sums of money involved? Put differently, how about if there was a massive credit crunch (possibly already underway) and banks had no money to lend?

This is a really daft question because...???

Feel free to help me here Brian because you've been making a song and a dance about this for a while. No-one else has picked up on this point at all, but it obviously gives you great pleasure.

The idea that house prices rise when the banks let people borrow higher multiples of their salary is obviously one that is beyond you.

Ever wonder why Premier League footballers get pay rises when Sky subscriptions go up? Or how about rent levels increasing when there is no limit on the amount of housing benefit the government is handing out?

House prices tripling in a decade and a huge debt crisis are just mere coincides in Brian's world. These issues are clearly above you Brian. As a result, you have to snipe from the sidelines and post anonymously. Let's be honest, you're not exactly the sharpest tool in the box, are you?
Added by Cracker cock up rant on 2012-01-10 12:54:01

This cock up that continues to make you look stuuuupid!

Added by rantnrave on 2011-12-07 12:30:56

What would happen to UK house prices if it became illegal to buy a property with borrowed money?

You would have been better trying say you didn't post me dear. Credibility zero!
Added by rantnrave on 2012-01-09 18:56:54

Feel free to enlighten me - in the context of the other comments of that thread, why was it a cock up? A grand total of one person thought so (you), even though I was trying to help you understand the point.
Added by Hah hah! on 2012-01-09 17:41:44

Oh rant I love you trying to cover your cock up, getting funnier, thank you.
Added by rantnrave on 2012-01-09 14:55:03

Don't recall ever saying that borrowing money to buy a property should be made illegal? I remember trying to explain the difference between a deposit and a loan to an EA who amazingly didn't know the difference or read the posts he was replying to properly...

Thanks for doing your bit to help the cause PeeBee!
Added by He is a cracker on 2012-01-09 13:09:56

Rant - still want to make borrowing money to buy property illegal in 2012?

There could be an opening for you writing jokes for next year’s crackers, still laugh at you every time you post.

Many thanks
Added by PeeBee on 2012-01-08 23:00:06

Rant - knew you'd be quick to jump on that one... ;o)

Well - its a New Year and I've decided to become a HPCer. I've spent my Xmas break aiding and abetting one of my sons to buy his first home - and in the process have brought the "average" 'sold' house price in his chosen location crashing down to levels not seen since the nineties!.

Well... that is if NOTHING else sells in the whole of the year to rebalance the statistics, that is...

But - in the meantime - watch out for the headline on the HPC website:

Added by rantnrave on 2012-01-07 08:57:15

It's from Zoopla, who keep the data they use for valuations very secret...

News over on HPC has been focused on yesterday's Halifax release, which took another tumble and is close to breaking the lows seen in 2009.
Added by Ray Evans on 2012-01-07 08:13:48

"...............Average house values in Britain finished last year unchanged at £221,331, down just £854 (0.23%) from the start of the year.........."

Over 24 hours since this appeared and right or wrong, nothing from the normally vocal HPC ers at all!.

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