North-south divide to widen further
Brits living in the north of the country could see the value of their homes fall even further behind those belonging to their southern neighbours, it has been claimed.
It could encourage homeowners to invest in their property by adding a bespoke conservatory or other glazed extension to help boost its value.
According to Savills, the state of the economy and the forthcoming government cuts will drive an even bigger wedge between the north and south.
Director Lucian Cook explained that there is already a "fairly significant" geographical divide as far as house pricing goes.
He noted that this would most likely grow due to a number of factors, including the level of equity in the respective housing markets and the impact of the government cuts.
"What you tend to find is that in the early part of a housing market cycle, quite a significant gap opens up between the north and the south," he said.
"It is usually in the second half of the housing cycle that the north outperforms the south."
Recent figures from Zoopla.co.uk show that the ten wealthiest housing markets in the UK are in the south, with the ten poorest in the north.
Posted by David Waxman
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