Northern property market 'will bear the brunt of economic changes'

Posted: 17 Aug 2010 09:19:24 GMT

The northern property markets will be "more susceptible" than the south to future changes in the economy, one expert has indicated.

Head of consulting at Ducalian Timothy Lambert said places like Chelsea and Kensington are in their own bubble and are not really affected by fluctuating prices.

"Foreign money and high earnings will always keep prices stable and high. Whereas somewhere such as Sunderland will be much more susceptible to the UK economy as a whole," he added.

Mr Lambert noted property will always go up in value in the long term, but consumers must be aware prices could drop at any time.

He advised individuals looking to purchase a dwelling to do their research and keep an open mind on a local and national basis.

According to the Land Registry, the average house price in England and Wales rose by 0.1 per cent in June and now stands at £166,072.
 

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