You are here: Home - News -

Northern house markets leave South trailing

  • 28/07/2003
  • 0
The last year has been declared the 'Year of the North' by Halifax, with the region showing the coun...

The last year has been declared the ‘Year of the North’ by Halifax, with the region showing the country’s largest house price rises. The lender’s House Price Index for the second quarter of 2003 shows annual regional rises of 36.4% in the North, with Yorkshire and The Humber showing rises of 33%.

All other national regions have experienced double digit increases, but London is at the bottom of the table with the smallest rise in prices at 11.5%. Top spot in the league of towns was Macclesfield, which showed a 51% increase over the last year. The price of an average house in the town has also risen above £200,000 for the first time.

Martin Ellis, chief economist at the Halifax, said: ‘There has been a considerable widening in the North/South property divide over the last ten years. This gap has narrowed a little recently as house price growth in the North has outstripped that in the South. Continuing housing market buoyancy in the North over the second half of the year combined with a pause for breath in the South should close the gap further. Property prices in the South will, however, remain significantly higher than those in the North.’

London house prices are still 69% above the UK average. Ten years ago, prices in the capital were only 23% above the national average. In monetary terms, the gap was £14,200 in the second quarter of 1993, and had risen to £89,000 in the same period in 2003.

Looking at the national picture, annual house price inflation has fallen for the seventh month in a row, according to online property market analysts, It stood at 26.5% in January 2003 and is now 13.2%. Greater London has bucked the trend and is showing an increase of 2.1%, with the South East (+0.5%) and East Anglia (+1.4) following suit.


There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
Recent results reflect growth in new lending

Sub-prime lender Kensington Group has more than doubled its new lending in the first half of this ye...