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North South House Price Divide Narrows following First Quarter

North South House Price Divide Narrows following First Quarter

North-South house price growth created quite a major divide in the UK housing market earlier this year. Starting last year, house price growth became more impacted by the uncertainty caused by Brexit and other factors. Now, there is new evidence making some housing experts see some Northern cities in a new light and realise the North-South divide has actually gone through some narrowing.

The cities now taking the top spots as the hottest cities in the UK are in the area of the Northern coast. Blackpool has been labeled as the hottest due to its increase in the number of properties sold in Q1 of this year compared with Q2. The number of properties sold between April and June jumped more than 16% compared to the first quarter.

Lancaster and Durham were not far behind coming in second and third place, respectively. Lancaster increased 16.6% and Durham moved ahead 15.4% in Q1 vs Q2 comparison.

Blackpool is now considered the hottest area for property sales in the UK although house prices are lower than those found across the country.

According to the Office of National Statistics, the average house price across the UK now sits at £228,000. The average house price in the Northwest however resides at £159,000.

House price growth is a prime indicator of the health of the market. At this time, house price growth is a bit misleading due to the heavy amount of uncertainty present due to Brexit negotiations.

House prices are still expected to grow overall by 1-3% for the year, according to housing market experts.

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