The North/South divide in the property market

North-south divide: terrace house sells for £7,000
Two terrace houses, one in a sleepy northern market town, the other in the heart of London. They are separated by 317 miles, and the mere matter of £18.243m.

In England and Wales, the total number of home purchases jumped 12pc in April from a month earlier Photo: Alamy




By Andrew Trotman
7:12PM BST 31 May 2013
 

The massive price gap in the latest figures from the Land Registry show that the north-south divide in the property market is as stark as ever, with prices in the capital soaring.
Data for April showed that a terraced home in Egremont, Cumbria, sold for just £7,000, while a house in Bolney Gate, Knightsbridge, went for £18.25m.
The multi-million pound deal played its part in a 13pc rise in average prices in central London to £1,379,142. In addition, the number of transactions of more than £2m in this area has risen 60pc compared with April 2012.
“The low cost of sterling, cheap debt and the capital’s enduring appeal has fuelled a further influx of international investors,” said Naomi Heaton, chief executive of London Central Portfolio.
In England and Wales, the total number of purchases jumped 12pc in April from a month earlier.
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