House price rises in areas of low unemployment are sharply outpacing rises in areas where unemployment is high, widening the gap between the north and the south, a study by Lloyds Bank reveals.
The £90,000 average price rise in low-unemployment areas since 2006 compares with a rise of £24,587 in the 10 areas with the highest unemployment rates – seven of which are in northwest England.
Employment boosts consumer confidence, means consumers have more cash, and makes getting a mortgage easier, driving housing activity, the bank’s mortgages director, Andrew Mason, said.
