North and South Property Price Divide

The United Kingdom has long experienced differences between the northern and southern regions of the country. They range from accents and local dialects to job prospects, cost of living and weather.
Lloyds TSB carried out an Affordable Cities review that revealed the typical price of a residential property in a city is £173,202. This is 5.5 times the gross annual average earnings and compared to 2008, house prices have fallen by 18% over the last 4 years. Looking in more detail at certain cities, there is a vast difference in price based on its cardinal direction.

North V South

Property location has always played an important role in the value of a home. Properties in the north are normally cheaper, but they lack the similar regional attributes that southern properties have, particularly in London. The capital city boasts, among other things, a booming employment market with higher priced commodities. So for property hunters who aren’t high earners, they find they get a fair bit less from a house in the south. For example, on Zoopla.co.uk you can find a 2 bedroom flat or a modest 3 bedroom terraced house in London for £200,000. Whereas in Manchester for the same amount of money you can buy a 4 or 5 bedroom detached house.

Affordable Cities

Looking in more detail at the Lloyds TSB research, they found that Salford has the most affordable houses for sale in the entire country. Their average property price is £102,391 and brings their total percentage fall since 2008, to 32%.

On the other end of the spectrum, the least affordable city was Truro in Cornwall. The high quality of life in this area has helped boost property prices here over the last ten years, resulting in a current average price of £250,489.

While there has been some decline in property prices over the last few years, the general divide has remained consistent. However, regardless of the differences in property size and value, any property bought in the north or south will equally require quality landlord insurance.

Most Affordable UK Cities, 2012

1. Salford, North West
2. Londonderry, N. Ireland
3. Bradford, Yorkshire
4. Lancaster, North West
5. Stirling, Scotland
6. Belfast, N. Ireland
7. Durham, North
8. Lisburn, N. Ireland
9. Hereford, West Midlands
10. Birmingham, West Midlands

Least Affordable Cities, 2012

1. Truro, South West
2. Oxford, South East
3. Winchester, South East
4. Bath, South West
5. Salisbury, South West
6. Brighton and Hove, South East
7. Exeter, South West
8. Cambridge, East Anglia
9. Southampton, South East
10. Chichester, South East

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