The U.K.’s traditional north-south divide may have been flipped on its head amid falling transactions and values in the south of the nation, but the classically more expensive area still comes out on top when it comes to the total value of properties sold, according to a report Wednesday from Springbok Properties.
Traditionally, the real estate markets across the south of the country are considered more prosperous than their northern and more affordable counterpart. But the south has been seeing transactions fall and price growth plummet since the EU referendum in 2016, and the north has fared far better.
More: Former NFL Star Reggie Bush Lists Modern Los Angeles Home for Almost $10 Million
But in spite of the drops, the south, which comprises the East of England, London, the South East and the South West, saw a total of £138.37 billion (US$167.9 billion) worth of property sold in 2018, the estate agency said.
In comparison, the north—defined as the North East, North West, Yorkshire and the Humber along with the East and West Midlands and Wales—saw a total of £73.97 billion in transactions, over the same time.
“We’ve seen some much stronger market performances across the Midlands and the north since the EU referendum where transactions are concerned, and when it comes to the individual value of property, homeowners in London and the South East have suffered far worse at the hands of market uncertainty,” Shepherd Ncube, founder and CEO of Springbok Properties, said in the report.
From Penta: Can Israeli Expertise Save Europe’s Warming Wineries?
“However, as a proud citizen from the outstanding city of Manchester, it pains me to say that the south is still miles ahead when it comes to the actual value of property being transacted,” he said.
Transactions in the south were down 7.3% year-on-year in 2018, compared to falls of 3.3% in the north and 3.3% again in the Midlands and Wales, the report said.
In June, a separate report found that price growth in southern cities fell to a more than seven-year low while values in the north logged continued increases.
Prices inched up by an average of 0.7% in the southern cities analyzed in the 12 months to June, and by 3.6% across northern cities in the same time frame, Mansion Global previously reported.