UK housing market divided along price and geographical lines
The UK property market keeps splitting into two segments, with high-end property prices currently rising as the rest of the market declines.
Asking prices for prime properties – the top quarter of the market by value –increased by 0.5% in September, continuing a seven-month rally, according to the latest index from property website PrimeLocation.com.
Its monthly index reveals the asking price of a UK prime property is currently £472,340.
The general market – where asking prices fell 0.2% in September –comes with an average asking price of £219,943, reflecting a second consecutive monthly fall.
PrimeLocation notes it means the gap between the top end of the market and the general market is now wider than ever, with the average prime property on the market for 115% more than a typical UK home.
The gap between the two groups has been steadily rising since the index launched at the end of 2007.
The other widening gap is between north and south.
According to the Rightmove house price index average property prices in the south stand at £336,740 – which is more than double those in the north at £164,347.
It was the widest north/south price divide Rightmove has recorded.
