Yorkshire home values show depth of North-South split

THE North-South divide in property prices has been amplified by research which revealed housing in Yorkshire accounts for less than six per cent of the value of the UK’s homes.
By The Newsroom
Published 6th Jun 2012, 07:00 BST

The study has shown that the nation’s property wealth is heavily skewed to London and the surrounding Home Counties, with Surrey at the forefront of the most expensive homes. The South-East is the most expensive region nationally for homes, accounting for £1.6 trillion of the UK’s £5.6 trillion overall property wealth.

Yorkshire is ranked in eighth position in a table showing the UK’s total property wealth by region – beating only the North West, Wales and the North East.

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Property in the Yorkshire and Humber region is valued at £300bn, with Scotland placed in seventh place with £322.1bn. The study has been conducted by PrimeLocation.com, an online portal for leading estate agency firms, and analysed the property asking prices by county in April of this year.

A property analyst at PrimeLocation.com, Nigel Lewis, said: “Property wealth per head is driven by one key factor – demand.

“Homes in and around the capital will always be sought after because of the increased population density in the South and its better employment opportuni- ties.”

The study showed the South-East is placed in top spot on a regional level, accounting for nearly a third of the UK’s total property wealth.

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Its homes are worth £1.65 trillion – Buckinghamshire, East Sussex, Hampshire and Kent all featuring in the top 10 counties by property wealth per head of population. London comes in second with just over £1 trillion, while the South-West completes the top three with property wealth of £488bn.

The research also revealed that Surrey’s homes are the most valuable at £288bn, or 5.1 per cent of the UK’s £5.6 trillion overall property wealth.

The county has both the highest total property value in the UK but also has the most property wealth per head at £255,125 each.

Dorset, Buckinghamshire and East Sussex all feature in the top 10 list of counties by property wealth per head, which is dominated by the South of England.

Elsewhere, Warwickshire in the West Midlands comes tenth, with individual property wealth of £145,431, and North Yorkshire comes fifteenth with £126,967 per head.

Related topics:North YorkshireNorthSurreyLondon