Report says Sunderland has lowest property values

The Northern Echo: Sunderland has the lowest property values as bosses say residential housebuilding continues to strengthen the construction industry Sunderland has the lowest property values as bosses say residential housebuilding continues to strengthen the construction industry

THE North-East is the cheapest place in the UK to buy a house, a survey has revealed.

A report says average property values across the North increased by 5.9 per cent to £119,702, making the region the weakest for price growth.

Sunderland has the lowest values, with prices rising by just one per cent to £139,772.

The report said London prices leapt the highest, increasing by 18.2 per cent annually, widening the gap between property values in the capital and the rest of the UK to record levels.

The results, revealed by Nationwide building society, added UK prices lifted by 9.5 per cent year-on-year.

Robert Gardner, Nationwide's chief economist, said: “The gap between house prices in London and the rest of the UK is the widest its ever been, both in cash and percentage terms.

“House prices in London and outer South-East have now surpassed pre-crisis peaks.”

The results were released as a report said the construction industry was continuing to grow, boosted by housebuilding, with more jobs being created.

The Markit/CIPS UK Construction Purchasing Managers' Index hit 62.5 in March, slightly down from January's 64.6 six-and-a-half year, but above the 50 mark that signals growth.

Tim Moore, Markit senior economist, said: “House building reclaimed its place as the main driving force behind the resurgent UK construction sector, with the rise in residential construction one of the sharpest over the past ten years.

“Expectations have now reached their highest since the start of 2007 and a strong pipeline of work is fuelling job creation.”

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8:51am Thu 3 Apr 14

sorrybutyoujustwastedfivesecondsofyourlifedecipheringthisname says...

Just to add to this, 2011 Census analysis showed that the region also had the HIGHEST number of renters within the country outside of London (which is disproportionately high for obvious reasons).
Just to add to this, 2011 Census analysis showed that the region also had the HIGHEST number of renters within the country outside of London (which is disproportionately high for obvious reasons). sorrybutyoujustwastedfivesecondsofyourlifedecipheringthisname
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