Jobs mean 'people are tied to the south'
Higher wages in the south of England tethers people to the area, it has been claimed.
Andy Smith, managing director of property investment specialist 1st Asset, said that the relative wages in the north and south means that many people are staying in properties in around London.
Noting that wages are higher in the south, Mr Smith said this means people who work there cannot move north unless they are self employed or somehow able to relocate.
In addition, Mr Smith said, an influx of Russians, Polish and Indians to London has had "a large imprint" on house prices in the south-east.
Commenting on relative salaries in the north and south, he said that the average wage across the UK is between £18,000 and £22,000, but in the south-east it is £44,000 and in the City it is £71,000.
According to figures from Halifax, the average house price in rural areas is now £235,324.
This is 15 per cent higher than the average price in a city area, which is £204,290.
Published 22nd September, 2008
© 2008 Estates IT Limited
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Higher wages in the south of England tethers people to the area, it has been claimed.