North-South divide widens by Finance News Bulletin

Published: 21/02/07

information Companies & markets Investing Power portfolio Campaigns Mortgages & homesMortgage featuresInsurance customer advice Broadband & phones Retirement Saving & banking Credit & loans Small commerce Tax & wills Message boards cash blog Tools & calculators Ask an expert Guides contrast & buyBritain's two-tier property market saw the North-South split start to widen in 2006, after three years when the cost gap had begun to close

TAKE PART IN OUR SURVEY Don't miss your possibility to tell us what you think of This is Money and help shape our futureA ONE-MINUTE MAKEOVER If you only have one miniature to learn how to sort your finances, not remember the rest and read this>> Our 8-step planFigures released today by Halifax bank showed that after looking as if it was about to disappear, the hole re-opened in 2006 to finish the year bigger than a decade earlierThe average possessions price in the South of England was 1

59 times senior than the North at the end of 2006, compared with 143 era higher at the end of 1996This reverses the tendency of recent years - in 2003, 2004 and 2005 the gap narrowed, according to HalifaxHomebuyers faced a rough end to 2006 with the cost of the standard property leaping by more than £7,500 in the final three months of the day, according to Halifax's regional house price report

The figures from Britain's main mortgage lender showed that house prices in the UK rose by 42% in the fourth district of last year to an standard level of £186,954But while London and the South East saw a buoyant restricted economy boost prices, it was Northern Ireland that recorded the biggest go up between October and December, with prices up 159% to £196,874

Northern Ireland's dramatic house price rises failed to dent London's place as the most expensive part of the UK to live, with standard house prices in the assets pushed up to £287,176 following an increase of 66% in the autumn monthsThe smallest local increase during the fourth district was recorded in the North of England, with an increase of just 09%

escapee house price inflation over the history decade has seen Northern Ireland achieve the strongest regional home growth, with the average property price up 265% since 1996London, the South West and East Anglia have also seen prices more than triple over the past decade,Martin Ellis, leader economist at Halifax, said: 'All parts of the UK have seen substantial house price gains over the history decade with Northern Ireland recording the biggest increase since 1996, boosted by a 53% go up in 2006He added: 'A fundamentally sound economic background will underpin another healthy year for the accommodation market this year High levels of employment, ongoing economic growth and a persistent lack of provide should ensure that house prices increase further

'Higher interest rates, greater pressure on household money and subdued real pay growth will, however, curb housing demand' The lender predicts house prices will rise countrywide by 4% during 2007© 2007 linked Northcliffe Digital Ltd Terms solitude policy Advertise with us LoansCardsMortgagesInsuranceCompare the best deals around with This is Money

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