Northern property market set to improve in 2011

People looking to access the best mortgage rates and buy a house in the north of England may face increased competition as more people move north to secure a more affordable home.

According to the Little House Company, many first-time buyers will be "looking further afield" in their attempts to purchase a home in the current market.

Jane Marr, company director at the firm, said: "The great north-south divide still exists but as affordability continues to be an issue, areas with lower house prices in the UK may see greater activity as buyers determined to step onto the property ladder head north."

Recent figures produced by Halifax showed that just two of the 20 counties with the largest house price growth in 2010 were in the north of England, while ten were located in the south-east.

Ms Marr added that the central London property market is likely to "maintain" house prices this year due to investment from buyers in the Middle East, China and Russia.
 

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2011-01-06 15:27:52 © Moneyextra.com