The gulf in prices between residential property in north and the south of England could be set to widen further, according to one industry commentator.

It was recently revealed by Zoopla.co.uk that the average price of a home in London currently stands at £413,350, with all of the most expensive housing markets being located in the south.

However, the firm stated typical property values in North Lincolnshire are £124,921 - some 70 per cent less than in London and 45 per cent below the English average.

Commenting on the figures, director at Savills Lucian Cook stated: "What you tend to find is that in the early part of a housing market cycle, quite a significant gap opens up between the north and the south."

He added there are three reasons why this will increase further - the predicted quicker economic recovery and higher level of equity in the south and the expectation more public sector jobs will be lost in the north due to government spending cuts.

Posted by Darren Purse ADNFCR-2842-ID-800089343-ADNFCR