A north-south divide has emerged in Britain's housing market. London's multi-million pound homes market is surging to new heights with prices above 2007 peak levels in Chelsea. Estate agency, Chesterton Humberts, received 18 bids on a house in that district recently.
London prices are being driven up by strong overseas demand. The weakness of Sterling means British property remains 40 per cent below peak levels for buyers coming from US dollar and euro-linked countries. Most foreigners prefer to buy in London compared to other places in Britain, because that is the city most familiar to them.
North of the Home Counties life is grim for home-owners, however. Many northerners, unable to re-mortgage, are desperate to sell.
Property Portfolio Rescue, a company that specialises in buying homes from distressed sellers, is receiving record numbers of enquiries from the England's North and Midlands regions, up 60 per cent from this time last year.
Nationally, the number of mortgage payers in arrears is 30 per cent higher than twelve months ago, so repossessions will rise, especially in the hard-pressed North, the company says.
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