The average price of a home in London was recorded as £427,875 in October, having grown 14 per cent since the previous year. This positive growth in house prices has been echoed by both the south east and south west where some of the most expensive homes in the UK can be found, with average prices of £313,841 and £247,496 respectively.
As a result of the continued growth in the south, many home buyers are now looking to move further north where prices remain competitive and living costs often prove more affordable. The average price of a home in the north actually fell in October, down 0.3 per cent on the previous year, recorded at £215,834. Properties in the north west were also subject to a fall which saw the average price of a home drop by 6.2 per cent since the previous year, making new homes in the north increasingly affordable.
While London and the south experienced outward migration in October, as many buyers look to move out of the area, the north experienced an increased number of home buyers searching for a property in the region.
David Bexon, managing director of SmartNewHomes.com, said: “The average price of a new home across the UK was up 0.5 per cent over the last month, with prices exceeding those experienced at the same time as last year. However, the recent growth in prices has predominately been reserved for the south, where you can now expect to find some of the most expensive new homes in the UK.
“Meanwhile, the average price for a new home in the north has remained relatively low, despite increased interest in the area. Many home buyers, particularly those at the lower end of the market looking to take their first or second step on the ladder are getting priced out of the south and are turning to the north which offers them a wider range of properties that still fall within their budget.
“However, as the continued interest in the northern housing market looks set to continue, I would expect to see marginal price rises over the coming year to reflect this.”
