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Tuesday, April 12, 2011

RICS Says North-South Divide Is Growing

In its latest survey of UK house prices, the Royal Institution of Chartered Surveyors (RICS) has noted the growing disparity between conditions in London and the Southeast, compared to the rest of England and Wales.

“Within England and Wales, a clear North South divide is emerging, with London being the only region recording rising prices, demonstrating that the capital is still operating under different market conditions to the rest of the country,” according to the RICS.

“The rather negative outlook for property prices across the UK seems to better reflect the general economy than the micro climate of London,” said RICS housing spokesperson, Ian Perry.

With investors from regions such as North Africa and the Middle East continuing to pour money into London, as a safe haven from the political unrest they experience at home, together with the demand for London’s services as a financial centre, the Olympic Games just over a year away, and a weak pound encouraging exports, the capital remains the most attractive destination for property investors.

Further hundreds of millions of pounds are destined for North London after American billionaire Stan Kroenke announced his attempted acquisition of Arsenal Football Club. Turning the Premier League side into one of the richest football sides in the world will bring further investment to Finsbury Park, a lesser-known patch of London already benefiting from major regeneration schemes and smart residential and retail developments.