According to a report earlier this summer, by the Centre for Economics and Business Research (CEBR), the gap between house prices in the north and south of England is set to widen. Let’s face it, a move from London to the tranquil countryside is very appealing!
London versus the Rest?
The CEBR forecasts that house prices in the capital will rise by 2.4% this year, as those in the north-east drop by 2.7%. This trend is predicted to continue into next year, when London prices will rise by 2.3% as those in the north-east fall by 1.3%.
Britain is increasingly becoming a market of two halves. Over the past four years, the town with the highest fall in house prices is Newcastle, down 28.8%. But in Barnstaple, Devon, house prices increased by 4.2%. The trend continued during the past year, with big annual house price gains in Reading (10.2%), Dartford (9.2%), Brighton (9.1%) and Cheltenham (9%), compared with large price drops in Blackburn (9.5%), Keighley (9%), Castleford (8.2%) and Nuneaton (7.9%).
A Tempting Move
Interesting figures indeed, but with todays “home-based” workforce on the increase, and technology increasingly allowing us to be much more flexible with our choice of living location, does this mean that we will see a migration to the less expensive areas?
Many large employers also seem to be favouring moving headquarters and large departments to more cost-effective areas of the country.
Let’s face it, a move from London to the tranquil countryside of say, Herefordshire, Yorkshire or Derbyshire, will appeal to a great many of us and with the significantly lower house prices in more rural areas, this is a very attractive proposition.
So, bearing all of this in mind, maybe a mass migration away from the hustle and bustle of London and the south, will see more parity appear between house prices across the country? Supply and demand must surely kick in at some point and as more of us seek to escape the “rat race” of the big cities, housing markets in, supposedly, less fashionable areas could start to show signs of creeping up.
Keep It To Yourself!
So, there is still a big divide between property prices in the north and the south, residential and commercial, but if you do decide to make the move away from the more populated and polluted south, do it quietly please, we don’t want everyone to follow us…. or do we!?