North - South House Price Gap narrows

The North of England used to be a good place for first time buyers to get on the property ladder. However, in recent years the price of houses in the north has increased significantly, reducing the gap between north and south. The result is that many areas in the north are becoming as expensive as areas in the South.

However, the price of houses in the north has an increasing variance between different regions. For example within a city like Manchester or Leeds, house prices can vary by upto 80% between different areas of the city.

House Price fall?

Some areas of the housing market in the north are starting to look overvalued and could be suspect to a fall in prices. In particular, there has been a boom in the supply of flats and apartments leading to oversupply and a glut on the market. With the housing market tightening, this is likely to exacerbate the problem.