Estate agents up north to rake in profits
Estate Agents - 13/11/2006 16:14:17
Estate agents in the north of the country look set to benefit as buyers become increasingly unable to afford houses in London and the south-east.
A new survey from smartnewhomes.com shows that potential purchasers are being priced out of the market and are moving towards cities such as Manchester and Leeds.
Today, the average price of a property in the north is nearly 50 per cent less than in London, and economists have said that as long as homeowners can find work, the trend of moving north may continue.
Kelvin Davidson, a property economist for Capital Economics – a research consultancy – said that as long as employment prospects look good, he would expect people to head north as "house prices up there are a hell of a lot cheaper than London".
He added that cultural barriers, which would once stop people moving up and down the country, were much less prevalent today – but could still be an issue.
Speaking about north-south "snobbery", he said: "I can't imagine that people in the 21st century are that worried about it, but I'm sure there are some people who are."
If you are thinking of moving to a cheaper location, find estate agents across the country who can help you sell or buy property by searching our online listings.