WHAT WE’RE HEARING
The Financial Times this week announced that ‘house prices in London’s ten most expensive boroughs are now worth as much as the property markets of Wales, Scotland and Northern Ireland combined.’ The research, which finds that there is a growing wealth divide, was carried out using the evidence in the 2011 census.
Houses have for a long time been able to command higher prices in the capital than elsewhere in the country, however the financial crisis has seen an even greater divergence, with London house prices continuing to increase whilst the majority of the country’s houses prices decline.
The research finds that London’s high prices, as well as those of a few surrounding commuter towns, is caused by an insatiable demand from overseas buyers. And surprisingly, ‘the property wealth of small, rural districts close to the capital has outgrown that of the UK’s largest cities. For example, the total housing stock in Elmbridge, a Surrey borough popular with City workers, is worth more than the entire property value of Glasgow.’
For the full article, visit: The Financial Times
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