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.

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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