Phil Wilson

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Economy not working for everyone

In an article in the Daily Mail, Phil Wilson MP for Sedgefield, claims the economic recovery isn’t working for everyone as house prices in Tory seats have soared EIGHT TIMES faster than in Labour areas under Cameron 

Link to article here 




 ...From Article

  • House prices areas with a Tory MP outside London are up 16% in 5 years
  • But in Labour seats, property prices have risen by just 2% since 2009
  • Homes in Liberal Democrat constituencies have increased by 8%
  • Houses in Tory areas are worth £100,000 more than in Labour seats

Families in Tory-supporting constituencies outside London have seen their homes soar in value eight times higher than those in Labour areas under David Cameron.

House prices in towns and villages outside the capital with a Conservative MP have increased by 16 per cent over the past five years, new figures reveal.

But in Labour seats, property prices have risen by just 2 per cent since 2009 - far below inflation. Homes in Liberal Democrat areas have increased by 8 per cent.

The figures, compiled by estate agents Savills, also reveal that homes in Tory constituencies are worth 64 per cent more on average than those in Labour seats - a gap of nearly £100,000.

A typical home in a Tory area is now worth £252,083 compared to £153,843 fetched by an average property in a Labour-held seat, the Financial Times reported today.

The revelation will spark fresh accusations that the economic recovery has not been felt equally across the country.

Deputy Prime Minister Nick Clegg has accused the Tories of 'looking after their own' - while Labour have hammered home the message that Mr Cameron is out of touch with ordinary families.

Across Britain's 100 most marginal constituencies, Tory seats have seen house price rise much faster than Labour constituencies, Savills found.

Properties in the 20 most expensive constituencies in the UK are worth 13 times more than those in the 20 cheapest.

The top 20 seats by value, of which 11 are held by Conservative MPs, have property worth a total of £741billion.

The cheapest 20 seats, of which 15 are represented by Labour, are collectively worth just £57billion.

It comes after MailOnline revealed families in booming towns in the South East had seen their homes soar in value by up to £2,000 every month since Mr Cameron became Prime Minister.

Home owners in Surrey, Hertfordshire and outer London have enjoyed a four year property boom far outstripping the rest of the country, research by the property website Zoopla revealed.

But over the same time, deprived towns in West Yorkshire, Country Durham and Northumberland have seen house prices fall by thousands of pounds - trapping families in negative equity.

Outside prime central London Britain's biggest boom towns are Harpenden and Radlet in Hertfordshire, Esher in Surrey and Stanmore in north west London.

Homes in Harpenden were worth £576,554 in May 2010, but have risen in value to £732,059 - a 26.97 per cent increase.

Nearby Radlett has seen average prices jump from £668,148 to £842,679, while properties in Esher have increased by £198,167 to £952,421.

Homes in Stanmore meanwhile have jumped 34.16 per cent to an average of £610,074 - an increase of £155,326 from May 2010.

However, families in towns away from the south east have seen the values of their homes stagnate - or even fall - under the Coalition.

Properties in Shildon, County Durham, were worth an average of £81,367 in 2010. But by November they had fallen back to just £77,540 - a fall on £3,827, or 4.7 per cent.

Close-by Ferryhill, in Tony Blair's former constituency of Sedgefield, has seen properties fall by 3 per cent on average - down from £92,459 to just £89,678.

Further north in Prudhoe, Northumberland, houses have fallen £2,573 - from £180,377 to £177,804.

Castleford and Heckmondwike in West Yorkshire have also struggled over the past four years, while southern towns boom.

In Castleford homes have fallen £4,419 to £124,082 while in Heckmondwike the average property is now worth just £115,439 - down from £118,475 in May 2010.

Sedgefield MP Phil Wilson said the figures revealed that large areas of the country were being left behind.

'This just goes to prove that there is a major north-south divide in the country and the recovery has clearly not been for everyone.

'Hard-working families in places like Ferryhill in my constituency are not seeing the benefits of the economic recovery. The growth we're seeing is benefiting the few and not the many.'

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