North-South Divide in Housing Prices Revealed by New Research

SHEFFIELD, U.K. - Oct. 8, 2024 - PRLog -- New research conducted by All House Clearances has brought to light a growing divide in house price trends between the North and South of England. The findings reveal that while the northern regions are experiencing significant growth, London and the South are struggling with falling property values.

Northern Regions Leading the Way
According to the research, the North East of England led the way with the highest house price growth in the 12 months to July 2024, seeing an increase of 3.8%. Northumberland's performance was even more striking, with prices soaring by 9.6%. Other northern areas, such as Cheshire East and Cumberland, also showed strong growth, with rises of 7.5% and 7.2% respectively. This data points to a clear trend of northern regions outpacing the national average in house price growth.

Southern Regions Lagging Behind
In stark contrast, London has faced the most challenging market conditions, with an overall house price decline of 0.4% over the same period. The decline has been particularly severe in certain parts of the capital. The City of London saw a dramatic 24.2% drop in house prices, while Westminster and Kensington and Chelsea recorded falls of 17.9% and 16.5%, respectively. This downturn in the South, especially in London, highlights a sharp contrast to the rising prices seen in the North.

Speaking about the findings, Managing Director of All House Clearances, James Morriss, said: "Our research shows a clear divide in house price trends across the country, with the North emerging as a strong performer while London and the South seem to be losing momentum. The factors driving this shift could include more affordable property prices in the North, improved transport links, and a rise in remote working, which is allowing people to live further from the capital."

Mitchell added, "It's essential for homeowners, buyers, and investors to recognise these regional differences, as they can have a significant impact on property decisions and market dynamics."

Understanding the North-South Divide
The causes behind this North-South divide are likely to be complex and multifaceted. Economic factors such as affordability, local employment opportunities, and investment in infrastructure may be boosting the North's appeal. Meanwhile, London and the South could be feeling the impact of higher property prices, limited housing supply, and reduced demand following the shift in working patterns post-pandemic. Even more insights are revealed in the report which is available at https://allhouseclearances.co.uk/2024-uk-housing-market-r...

About All House Clearances
All House Clearances (https://allhouseclearances.co.uk/) is a leading property clearance company based in Sheffield, known for its commitment to delivering high-quality services to homeowners, landlords, and businesses.