Mind the gap: House price disparity widens

Mind the gap: House price disparity widens

According to data released from ONS, average house prices in the least expensive neighbourhoods are dropping further whilst the most expensive neighbourhoods are seeing house prices accelerate.

Its house price statistics for smaller areas show that prices in the cheapest neighbourhood of England and Wales decreased for the fifth consecutive quarter.

The median price paid for residential property in neighbourhoods within England and Wales ranged from £24,500 (within the County Durham local authority district) to £2,920,000 (within Westminster).

The house price gap for all neighbourhoods across England and Wales has widened by £60,000 since 2011. The neighbourhood house price gap in year ending September 2016 was largest in London (£210,500) and smallest in Wales (£55,019). The price gap increased in all English regions between 2011 and 2016, but reduced in Wales by £1,919.

Five years ago, the neighbourhood with the lowest median price paid in England and Wales was an area in Burnley, at £42,000. The median price paid in this neighbourhood has fallen by more than 16% over the last five years, to £35,000. The ONS says this, combined with the increases in the most expensive areas, "tells us that the house price gap has been growing in recent years".

The data also shows that the median house price in England is 10% lower if property sales for London are excluded. London accounts for around 12% of all property sales in England, and the median price paid for all properties would be £20,000 lower if sales in London were excluded from the calculation.

Join our mailing list:

Leave a comment

Our Next Event

Buy-to-Let Roadshow April 2017

Buy-to-Let Roadshow April 2017

Crewe - 18/04/2017

Northampton - 19/04/2017

Essex - 20/04/2017

Brighton - 21/04/2017

Register now

Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

view article
ajay 21 Mar 2017

How is the "robust evidence" looking now?

view article
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

view article
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

view article
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

view article
Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

view article
Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

view article
James Powell
James Powell 27 Feb 2017

This is a very good news.

view article
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

view article
Matt 20 Feb 2017

Is this fake news?

view article
Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

view article
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

view article

Related stories

More articles from Property

Buy-to-Let Roadshow
April 2017

18th-21st April

4 days
7 specialists
4 locations
Free to attend

Click here to register now