Northern property prices rise 5.9 per cent
Properties in the North are now worth 5.9 per cent more than they were compared with the same period last year, new figures show.
According to thenorthernecho.co.uk, the figures from Nationwide reveal that whilst the rest of the UK is seeing house prices rocket, the North is experiencing a more gentle rise. In fact, the North-East is the cheapest region in Britain to buy a property in.
One of the most cost-effective places to buy a property in is Sunderland, as the average home sells for around £139,772. Although prices only increased by one per cent last year, it does mean that people aren't being priced out of the property market, like they are in London. In the capital, values have soared by 18 per cent, meaning buyers have to fork out an average of £362,699 for somewhere to live.
Nationwide's chief economist, Robert Gardner, says the house market recovery is well under way, as property prices have increased for 15 consecutive months.
"Record low mortgage rates, improved availability of credit and the brighter economic outlook are all leading to increased demand for housing," he explains, reports propertywire.com. "However, the upturn in the supply side of the market continues to lag far behind, with the number of new homes being built in England still around 40 per cent below pre-crisis levels."