House prices in northern cities are lagging behind in the south as Leveling Up Paper promises to address inequality in the UK



The average offer price for Homes across the UK have risen by 53 per cent over the last 10 years, with northern cities lagging behind their southern counterparts, new research has revealed.

Cities in the south-east of England benefited most from rising property prices, with Kent dominating the list of regions experiencing the largest rise in bid prices, data from Rightmove show.

It found that Margate tops the list of these hotspots, where prices have more than doubled since 2012.

Asking prices for coastal town homes have risen 102 per cent in the last decade to an average of £ 294,209.

Horfield in Bristol comes in second place, with bid prices up 96 per cent to an average of £ 385,003, while Dover came in third, with costs rising to £ 254,100.

However, some regions have not been so lucky, with house prices rising by only a fraction of 10 years – most of which are found in the northern part of the country.

At the bottom of the list is Middlesbrough in North Yorkshire, where homes are now on average only six per cent higher than they were in 2012.

The second region with the lowest price-seeking growth is Peterlee in Durham County, where prices rose eight per cent to an average of £ 112,263.

Hartlepool, in the North East, comes in third with prices rising nine per cent to an average of £ 136,088.

Overall, bid prices across the UK have risen by 53 per cent over the last ten years from £ 222,989 to £ 341,019, with significant differences by region.

The data found are prices in the most efficient region, the East of England, rose by 65 per cent on average, while costs in the weakest region, the North East, rose by only 25 per cent, highlighting the North-South Gap .

Why prices have risen in South

A robust increase in demand, combined with a lack of supply, is the reason why prices are rising so fast in the South, experts say.

Mark Brooks, CEO of Miles & Barr in East Kent, said: “We have seen the increase in demand for properties first hand and it is no surprise that three of the cities we operate in are ranked in the top ten price hotspots.

“The South East has experienced a large influx of those living in urban areas like London who want to move to the golden sandy beaches and the tranquil lifestyle of the coast or countryside.

“The shift to flexible work and homework, added to a wide range of transport links back to London, has led to many fleeing the city.”

Meanwhile, the demand for properties in Kent is not exclusively up to buyers.

In an effort to attract tourists back to the city, Kent County Council has invested heavily in Margate in recent years, with developments such as the Turner Gallery boosting the local economy.

Brooks added: “The opening of the St James Mall back in 2018 has significantly affected Dover’s popularity.

“The 8-acre plot offers a variety of retail and leisure shops and activities in the heart of Dover city and has attracted significant visits since opening.”

Work is also planned to improve transport links between Dover and London, further increasing the value of the area.

More from Property and Mortgage

What is the government doing to help first-time buyers?

The news comes after the government released its Leveling Up paper last week, which covered property issues and regional variation.

As house price increases have surpassed income levels, owning a home is now out of reach for younger generations and it is no longer a problem limited only to London, it reported.

It revealed that house prices in England and Wales are now almost 7.7 times higher than incomes, where affordability has deteriorated significantly in all regions over the last two decades.

The government said it plans to increase the number of first-time buyers in light of rising cost of living, but industry experts say the government needs to go further to explain how it will help people across the UK.

Tim Bannister, Rightmove’s director of property data, said: “The government’s goal in their Leveling Up Paper to increase the number of first-time buyers is welcome news, but they need to ensure that their plans to achieve this take into account all areas of the UK. , especially in places where rising rental rates mean many people are struggling to save enough up to a deposit. “

Leave a Reply

Your email address will not be published.