The value of mortgages has risen for just a few local authorities in the UK, new research has suggested.
According to the study from Bank of Scotland, South Lakeland and Rochford in Essex are the only two such areas in which house prices are greater than they were in 2007.
In addition, it was shown that Aberdeenshire is the only local authority district in Scotland to stand in the UK’s top 20, as it experienced just a seven per cent tumble in average home costs in this period.
The investigation also revealed that Northern Ireland is home to the worst performing areas in recent years, with mortgage values likely to have dipped considerably in this time.
Martin Ellis, housing economist at Bank of Scotland – which counts Halifax as one of its divisions – said a distinct north-south divide has become apparent in the UK with regard to house prices of late, stating: “Those areas that have weathered the storm best are nearly all in the south of England whereas those areas worst affected are all outside southern England.”
