House Prices in The North Continue To Outstrip The South
House Prices in Newcastle
House prices in Northern England grew faster than the South in July according to property website Zoopla.
The areas that grew the fastest were Edinburgh and Liverpool, each of these cities rose by almost 6% year on year. Next best was Leicester where prices increased by 4.4%.
With Edinburgh prices rising, other locations within Scotland have been decreasing, for example, prices in Aberdeen went down 4.8% and Oxford in the south of England also fell by 0.4%.
Interestingly, the data suggests that average wages increased by 3.7% across the UK during the same period. This means that there is further hope that homes will become slightly more affordable in certain areas where property prices are not rising so quickly.
In terms of why the North is performing better than the South, this is quite interesting as this has been happening for some time now whereas traditionally as we know the opposite applies.
One of the biggest drivers in the property market and demand for local mortgage advice is consumer confidence, so perhaps these figures continue to illustrate that Northerners are feeling more positive about the future of the UK economy than their Southern counterparts.
The October 31st Brexit deadline is just around the corner now and as we know, there are a lot of the “Remainers”, most of which live in the South of England.
These voters are likely to be less confident about post-Brexit Britain because some factors may appear to be wavering, however, a positive outcome could still be achieved.
It will be fascinating to watch what happens to property prices post-Brexit. Could previously booming areas will drop and vice versa? Will the North continue to outpace the South? These are all things we’ll have to wait and see for however it certainly is an interesting time for home buyers!