House Prices Differ Considerably UK
The difference is what house costs across the UK has shifted considerably over the last 5 years according to new stats released today by the Office For National Statistics. The gap between house prices in Wales and London has increased threefold over the last decade. It is fair to say that markets have been diverging since 2006 just prior to the financial crash.
A big factor that has to be considered is that London managed to defy the housing slump in 2008 that was sorely felt by the rest of the UK. House prices in London and the south-east have risen much quicker than the rest of the UK and have been insulated against falling prices because there has been such a demand for homes particularly from international investors.
It has been suggested that the rest of the country will benefit from the London property boom as has been seen by the rest of the south-east that has benefitted price increases have rippled out. According to some experts it may take a while but the rest of the UK should see home price increases and the big difference in prices could narrow.