Wealthiest and poorest markets revealed
The average house price in Windsor & Maidenhead is now £409,939, a mere £3,411 below the average London house price, which is currently £413,350.
In contrast, average property prices in North Lincolnshire currently stand at £124,921, the lowest in the nation and a staggering 70% less than in London and 45% below the national average, highlighting the growing North/South divide in house prices.
The statistics released today by Zoopla.co.uk also show that all of the top 10 wealthiest housing markets are located in the South. South Gloucestershire (£384,102), Surrey (£357,863) and Hertfordshire (£317,687) round out the list of areas with the highest property values in England. Meanwhile, the North is home to all of the top 10 poorest housing markets in the country, with Hartlepool (£124,949), Durham (£133,257), South Yorkshire (£137,413) and Nottinghamshire (£137,949) not far behind North Lincolnshire.
Average property values in England as a whole remain 8.7% below their peak levels of 3 years ago and now stand at £225,045, representing an average loss in value of £21,303 over the past 3 years, but are up by 11.2% over the past 18 months from the lows reached in March 2009.
Nicholas Leeming, commercial director of Zoopla.co.uk commented: “In terms of both current house prices and market performance over the past 3 years, there is a clear north-south divide. The manufacturing base of the Midlands was severely hit by the recession and heavy job losses have taken their toll on the region’s economy. As the economy strengthens the housing market will likely perform best in those areas least sensitive to the upcoming public sector cuts and the property divide looks set to get even wider.”