George Osborne appears to be pinning his hopes on Manchester as being the capital of the Northern Powerhouse. However, if the latest news from the York property market is anything to go by, the chancellor could be looking on the wrong side of the Pennines.
Research by Savills reveals that York has been significantly outperforming the rest of Yorkshire and the north of England since the credit crunch. Prime city centre values are 13.4 per cent above their 2007 peak, compared with a drop in average values of 18.8 per cent in the nearby country villages.
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