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House prices: Average London property nears £500,000

House prices: Average London property nears £500,000

The average house price rose to just under £500,000 according to the latest figures from the land registry.

 

Prices have been going up consistently, a typical has nearly crossed the half million pound mark.

 

Overall in the whole of UK the average house is worth £186,553 according to the data released by land registry.

 

However house prices in the North of England actuall fell by 0.3% from the year before, pushing down the average price to under £100,000.

 

This would mean that house prices in London are 5 times the average prices int he North of England.

 

These figures are consistent with the actual situation as generally when people see house price rises in the news they automatically assume property prices in Bradford are on the up as well.  We get numerous enquiries from landlords who own properties in Bradford and live in London who assume their houses have gone up in value. 

 

Hopefully though the economic outlook is looking to be promising with the completion of the new shoppping Centre "The Broadway" which is the talk of the town.  To be honest this has to be last throw of the dice to get things moving in the property prices in Bradford.  Currently no one would even think of going into Bradford City Centre as its more like a ghost town with virtually half of the shops closed down.  After the shopping Centre instead of people going out of Bradford towards Manchester Trafford Centre and Leeds White Rose Shopping centre or Leeds City Centre.  People from surrounding areas such as Keighley, Halifax and Huddersfield are likely to be attracted towards Bradford.

So we live in hope that the gap in house prices which stands at £400,000 to London will be narrowed. I guess we just have to wait and see..

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