North-south property market divide continues to show large discrepancies

 
North-south property market divide continues to show large discrepancies [Photo: Rawpixel Ltd via iStock]

London and the rest of the south of the UK may not have had its most impressive year in terms of the property market, but the north-south divide that has been evident in the sector for some times is continuing to show. 

According to official data from the Office for National Statistics (ONS), analysed by eMoov, London continues to be home to the nation's most expensive properties, while the cheapest are found in Wales. 

One trend that eMoov has identified is the large gap that exists between the average price per square metre in these two opposing regions. 

The average cost per square metre of a flat in London now sits at £6,500, which is double the price that was seen in 2004. Across England and Wales as a whole, the price per square metre of properties has increased by just 2.7 per cent in that same time. 

It means that the gap between the lowest price per square metre recorded and the highest is a staggering £18,000 at present. In Kensington in Chelsea, the average price per square metre is £19,400. However, in Blaenau Gwent in Wales, the price is less than five per cent of this at just £777.

Russell Quirk, chief executive of eMoov, said: "Of course, it is no surprise that an over-inflated London market leads the way in terms of highest price, despite a slowdown in price growth in recent times, and while £2,305 a square metre is a high price to pay to get on the housing ladder, this research also shows that across England and Wales there are many far more affordable options."

He said it is the affordability of certain parts of the UK that has helped to keep the property market growing in uncertain times, such as the last year, when places like London have been starting to slow in activity.