House prices in the north

re14796

Why is there such a massive difference between the south and north house prices? I am thinking about moving up north but I am worrying that house prices in the north may rise to southern prices? What is the realistic chance of this happening? Obviously the government wants to invest in the north by improving travel etc so will this affect prices?

societys_child

I am worrying that house prices in the north may rise to southern prices?

Over time they probably will rise, so will the southern prices, doubt northern prices will ever catch up though.

Northern prices aren't going to suddenly double overnight.

davidmcn

It depends what exactly you mean by "the north" and "the south", of course.

McKneff

We are in Yorshire, even just 30 miles further north from us properties are sometimes less than half of ours .

WibblyGirly

McKneff wrote: »

We are in Yorshire, even just 30 miles further north from us properties are sometimes less than half of ours .

I'm in York where I doubt I'll be able to afford a nice house in a decent area however a 45 min drive away there are areas I could probably buy a house outright!

Wages are lower up north but so are house prices so I think it all kind of works out the same really.

sgun

It's not really as clear cut as "North" "South". I could buy a two bed house in the village next to mine (North East) for £20,000. Four miles down the road a two bed would set me back £200,000. My two bed house is somewhere in the middle. "Niceness" of areas corresponds to the prices, I wouldn't fancy living in either the cheap or more expensive area.


The house prices in the cheaper village have not really risen in the time I have lived here (15 years). My house has doubled in value and the more expensive ones have more than doubled in value. If, 15 years ago I had bought one of the new 2 bed apartments on Newcastle Quayside for £75,000 I would have made about £150,000 profit selling it now.


Point being that I can't see the cheap prices in the ex-colliery villages going up much ever but you would have to decide if you wanted to live in one. Prices in the NE will never rise as fast as somewhere like Manchester because the government is underfunding services and ignoring calls for investment in infrastructure. This might change if we get a Labour government back in power but that is really unlikely anytime soon.

AlexMac

re14796 wrote: »

... I am worrying that house prices in the north may rise to southern prices? What is the realistic chance of this happening? ...

I'd say negligible, unless there was a relocation of governance, financial services and earning power from London and the SE... which ain't gonna happen.

If you can handle an Excel spreadsheet, download the tables produced by Nationwide of house price averages, quarterly, by region, since 1973. These show not only that there has been a North - south differential for the past 40 years, but that the gap has consistently widened, with a faster relative rate of growth in the warmer bits. Ok, the past is no guaranteed pointer to the future but....

Among the geeky facts in the tables is that although prices dropped in every region in 2008, in some regions they bounced back up to the 2007 peak much faster; in London by 2012. In fact in some regions, like the North and North West, averages have barely recovered to Quarter 4 2007 levels whereas in London they've subsequantly gone up over 50%.

Nerds can see the data at
http://www.nationwide.co.uk/about/house-price-index/download-data#xtab:regional-quarterly-series-all-properties-data-available-from-1973-onwards

re14796 wrote: »

... Obviously the government wants to invest in the north by improving travel etc so will this affect prices?

Invest in the North? Obvious? This government? Or any one?

Don't hold your breath.

Sorry to sound cynical, but I'm old enough to recall Harold Wilson's 1963 promise of a science and industry strategy for Britain based on the "white heat of technology"... About as viable as the last Chancellor, posh boy Osborne's "Northern Powerhouse" which Prime Minister May isn't stressing

MyOnlyPost

re14796 wrote: »

Why is there such a massive difference between the south and north house prices?

This is just one of the many great things about the North, this and drizzle.

re14796 wrote: »

I am thinking about moving up north

You may not be allowed to unless you can show some northern heritage. I believe before taking residence in the North you have to prove yourself worthy at a soft border near Milton Keynes. The comprehensive testing includes eating several pies, drinking at least 10 pints of real bitter, renouncing all things "soft and southern" and voting Labour or UKIP. To go to Newcastle you also have to burn your coat, no Geordie is so soft as to own a coat.

re14796 wrote: »

but I am worrying that house prices in the north may rise to southern prices?

House prices in the North are already the same as the South, it's just that here you get a Castle for what you pay for a bedsit in the south

re14796 wrote: »

What is the realistic chance of this happening?

0

re14796 wrote: »

Obviously the government wants to invest in the north by improving travel etc so will this affect prices?

Improving the ability to commute to the South isn't really improving the North is it. The North cannot be improved, it's already perfect.

Just remember, the north is for local people, are you local? There's nothing for you here

https://www.youtube.com/watch?v=meF7NmfnXZ0

knightstyle

We used to Live down south but moved to North Lincolnshire after being abroad for many years as we could not afford to go back to Sussex.
We often have friends and family visiting from down South who are amazed at the prices up here.
A decent 4 bedroom house, will cost £140k or £180k for detached with large garden etc, a new 3 bed semi can be bought for £135k.
BUT whereas prices down South have shot up in the last 10 years our house up here, bought for £125k, two years ago was £115k and only now is worth a bit more than we paid. So we are even further behind South prices than 10years ago.
The future is never certain but I feel we will catch up a bit over the next 10 years however the closer to London you are the greater the year on year price increase.
More important is the quality of life, down South we were near the South downs and up here we have the Peak District, Yorkshire Dales in easy reach with Lake District and Yorkshire Moors still in reach for a day out. So we are spoilt for choice.

Chanes

Depends where in the north and it's as simple as that as to how low the prices are.
And I'm with MyOnlyPost...there's nothing for you here.

pollyanna24

McKneff wrote: »

We are in Yorshire, even just 30 miles further north from us properties are sometimes less than half of ours .

But this is the same even "down" the country. I live in South Herts (within the M25) and 30 miles up the motorway, you can get things a lot cheaper.

I don't think the north will ever catch up because of London, but this doesn't make it a worse place to live. In fact, I should imagine parts of it are much nicer!