North versus South, the housing market divide

Posted: 28/05/2012

The figures released in May show how the housing market divide between the North and South has widened.  This is due to the rising property prices in London and the declining house prices and sales in the North.

Prices rose 0.6% in London during May which has helped the national prices rise 0.2% but there was a drop of 0.1% experienced in Wales, the North West, North East, Yorkshire and Humberside regions.  House prices stayed the same in the East Midlands but in the South East and East Anglia there was a rise of 0.1%.

It has also been discovered that, excluding London, Virginia Water in Surrey has leapt to the peak of the list of the towns with the largest amount of houses worth £1 million and over. The survey was carried out by Primelocation.com and also revealed a huge figure of 48.5% of houses in the area are valued at a seven digit figure or more. Some of the rental properties in Virginia Water are being rented for £15,000 per month.

The Wentworth Estate boosts the house prices in Virginia Water, which is one of Europe’s most desired residential locations. Second in the list of millionaire towns are Radlett in Hertfordshire at 47% of houses valued over £1 million. Third is the town of Cobham in Surrey with 39.5% of homes worth over £1 million. Beaconsfield in Buckinghamshire was last years number one but has slipped to fifth place with 35.8% of homes worth £1 million and over.

What do you make of the latest figures from the housing market?

Amanda McGovern, Pali Ltd
www.paliltd.com

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