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We are leveling up: North / South home price gaps are narrowing

One thing has been overlooked, somewhere in the surge in sales caused by record high home price blizzards and stamp duty holidays: the big gap between north and south is diminishing.

The house is still much more expensive London The difference is less than in Middlesbrough.

For example, according to Zoopla, home prices in the capital have risen by only 0.3% over the past year, while in Middlesbrough they have risen by 10.06%.

Ascending: A waterfront house in the harbor of Scarborough.Real estate website Zoopla reports that the hottest housing markets are in Yorkshire, Humberside and the northwest.

And the same website is currently the hottest housing market in the country, not in lush sari or luxurious central London, but in Yorkshire, Humberside, as the pandemic real estate world has its own “upgrade” movement. Reported to be on the side, northwest.

It’s not just the price. The time between listing a home for sale and accepting a buyer’s offer in northern England is three weeks earlier than in 2019. On the other hand, the fastest-selling areas are Wigan, Barnsley and Burnley.

Again, in London, homes are taking two weeks longer than 2019 to find buyers.

Real estate firm Savills predicts that Northwest and Yorkshire and the Humber will lead the rise in UK home prices, rising 6.0% in 2022 and 5.5% in 2023, so this trend is momentary. Not.

And by the end of 2025, Savills predicts that the Northwest will enjoy a spectacular rise of 28.8 percent overall.

The average growth rate for the UK as a whole is set at 21.1%, while London remains stubbornly slow with growth of 12.6%.

“Some of the price increases we’ve seen have been delayed. Country prices have been far behind London for years and needed some rebalancing,” said Stacks Property Search’s purchasing agent. The store’s managing director, James Greenwood, said.

There are exceptions to the rules. The largest is Cornwall, which has reached record high demand since the outbreak of the pandemic.

Tiny St Mawes is located on the southern coast of Cornwall, lined with villas and fashionable hotels such as Tresanton and The Idle Rocks.

Over the past year, the average price of seaside towns has risen the most, rising by nearly 48% from £ 339,912 to £ 501,638. This is the biggest rise in “space race” as people have left the big cities in the countryside. The coast.

Can Cornwall maintain this kind of attraction and price tag when northern homes are still much cheaper?

Josephine Ashby of John Bray & Partners, one of the county’s top agencies, said:

Although the supply of real estate is limited, we believe that the wide demographics of buyers will leave us confident. “

But from the perspective of two halves of England, even rising stellar home prices in Cornwall are not enough to balance a much wider rise in the north, says Tim of Rightmove. Banister says.

He states: “Leading the way is the UK region further north. The gap is still wide and the average price in London is still 2.9 times the average price in the north, but this ratio has been the lowest since 2013. I will.

And he goes on to say:

Each house is different, but the National Bureau of Statistics has a comparison table of the cost per square meter of “houses” in different parts of the country.

So London’s Westminster square meter is £ 16,246, while rugby square meter is £ 2,081. In lush Winchester it costs £ 3,910, while in Scarborough a square meter home costs £ 1,567.

And in East Devon, where there are plenty of holiday homes that are soaring in price, you pay £ 2,605 per square meter. On South Tyneside, £ 1,319 is a bite.

So, obviously, in most cases, heading north gives you more space for money, and buying south gives you much less. But things are changing — and rapidly.

In recent months, the government has announced that part of the Treasury will be based in Darlington and some employees of the Ministry of Housing and Community will move from London to Wolverhampton.

Part of Channel 4 has moved to Leeds, and HSBC and Amazon have part of their business in Manchester. As a result, home prices in these locations will soon rise.

Suddenly, things don’t seem to be that harsh northward, thanks to our changing priorities and pandemics.

At the market … from the capital

Lancashire: With four bedrooms and a one-fifth scope, this one-story Victorian home in Rossendale features a unique, walled garden. Fineandcountry.com, 01706531315. £ 500,000

Lancashire: With four bedrooms and a one-fifth scope, this one-story Victorian home in Rossendale features a unique, walled garden. Fineandcountry.com, 01706531315. £ 500,000

North Yorkshire: This five-bedroom, Grade II home, formerly two cottages, is located in the Lorow settlement. There are many walking paths around Swaledale. Savills.com, 01904617820. £ 550,000

North Yorkshire: This five-bedroom, Grade II home, formerly two cottages, is located in the Lorow settlement. There are many walking paths around Swaledale. Savills.com, 01904617820. £ 550,000

Cumbria: This Kirkby Stephen home has eight bedrooms. The house is 3 acres and is located in Yorkshire Dales National Park. Knightfrank.com, 01423429050. £ 950,000

Cumbria: This Kirkby Stephen home has eight bedrooms. The house is 3 acres and is located in Yorkshire Dales National Park. Knightfrank.com, 01423429050. £ 950,000

We are leveling up: North / South home price gaps are narrowing

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