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North-south house price divide 'will widen'

Wednesday, 29 September 2010 6:00 PM

The property price gap between the north and south of the UK is only set to increase as a result of the poor economy and government spending cuts, a global real estate service provider has said.

Figures from Zoopla.co.uk revealed this week that all ten of the wealthiest housing markets are located in the south, while the ten poorest are in the north.

At £124,921, North Lincolnshire has the lowest average house prices in the nation and 70 per cent less than values in London.

Lucian Cook, director at Savills, said the divide is likely to increase as the economic recovery continues to make its presence felt more in the south than the north.

Additionally, public sector employment is generally higher in the north and will therefore suffer the effects of spending cuts more.

"It is usually in the second half of the housing cycle that the north outperforms the south and I suspect that you will see that, as we slowly head into recovery after a period of price volatility that we are going to witness in the period of the next 12 months," added Mr Cook.

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