House price heatmap: it’s still winter in the regions
The most appropriate response to this article is “tell me something I didn’t know!” Still its interesting to look at the map and worry about the growing economic polarity assailing us. I was talking to someone today who couldn’t credit how house prices in Nottingham were so much higher than in Mansfield. I guess the answer is that the link between working and living outside London carries a premium and there ain’t much work to go at in some areas.
A respected group of economists, the OECD, has called on the British authorities to rein in house price growth. It is the latest in a series of warnings which suggest that house price inflation poses a threat to Britain’s economic recovery.
But how much have prices really grown?
Outside London and the surrounding regions, prices remain some way below their 2007 peak, as this map – produced by property adviser Savills and based on the latest Land Registry data from March this year – makes clear.