At 09:30, the ONS published a report about how the characteristics of towns can impact house prices. We sought the views of property and mortgage experts.
4 responses from the Newspage community
"The new ONS report about house prices tells us something that we already knew, namely the closer your proximity to London, the higher the house prices on average. What is striking about this is the extent of how much a role that plays. It highlights once again the imbalance in our economy and the typical London-centric view that pervades our institutions. This should be a clarion call to MPs up and down the land that more must be done to reverse this perverse scenario where the rest of the UK is a ward of the city. A more decentralised economy over the entire UK would solve almost all our current problems, from health inequality to educational achievement along with crime rates and mental health outcomes, as the data consistently tells us a simple truth: poverty is the scourge of humanity, and if you reduce poverty, you increase wealth and watch as a nation's ills melt away."
"It's interesting to see the big impact London continues to have on property prices but I suspect this will be spread over a greater distance now, due to flexible working introduced by the pandemic. I was surprised to see that the types of jobs carried out in regions was the biggest influence as opposed to the size of the town, the age profile and distance to the nearest city, as these would be important factors for me."
"No great shock that proximity to London is a huge factor in determining house prices, as is the quality and type of jobs available. It's also unsurprising that towns with high levels of income deprivation have lower property prices. I think we could well see prices start falling over the coming year as the cost of living crisis unfolds. It's time for the government's much touted levelling up agenda to start delivering results."
"What's clear from this report is that buy-to-let investors will continue to seek value outside of London as property prices continue to outperform the average. Many Northern powerhouses such as Liverpool and Manchester are popular with investors looking for properties that are undervalued, or can be converted into HMOs. First-time buyers in London will certainly find it more difficult to get on the property ladder as prices spiral out of reach for most."