21 Sep by Amy Jackson

UK House Prices

North West Is Best For UK House Prices

When looking at regional property prices, multiple reports from property news outlets have revealed that the North West is the best region for UK house price growth. Compared to other regions such as the South East and Greater London, house prices in North West England have been increasing at a rapid rate over recent years, with predictions for further growth in the future.

From July 2017 to July 2018, property prices increased in the North West of England, having risen by 5.6 per cent. In 2019, the average price of properties in the region had grown by 1.34 per cent from July to October, along with a 2.44 per cent increase compared to October 2018. This level of growth is higher than what’s been seen throughout all of the other UK regions, particularly London which has experienced a 2.5 per cent decline in 2019. While prices are growing significantly in the region, property prices in cities within the North West remain highly affordable compared to those in other cities. So what has led to this increase of house prices in North West cities, and how are house prices rising in the North West contributing to the success of investments in the area?

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North West House Prices increasing more than anywhere else

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House price trends last 10 years

As of July 2019, the average UK property price stands at £232,710. UK house price growth has been slow and steady as a whole, with a monthly rise of 0.6 per cent from June to July, and a yearly increase of 0.7 per cent compared to July 2018.

UK house price trends over the last 10 years present a more significant increase. The average asking price for properties grew by around 43 per cent from July 2009 to July 2019. During the same period, North West house prices rose by around 27 per cent, which is less than the UK’s overall rise.

More significant growth in the North West compared to the UK has been noticed over the last two years. From July 2017 to July 2019, information taken from House Price Index reveals that property prices in the North West region had risen by 6 per cent, compared to 3.5 per cent in the UK as a whole. This shows that in more recent years, the North West has started to exceed the average house price of the UK overall, highlighting the strength of the region.

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The North West’s growing appeal

The success of North West property prices lies with the growing appeal of the region as an area to live, work, and invest in. The two key cities of the region, Liverpool and Manchester, have become some of the UK’s most popular locations. These cities offer a fantastic quality of life for residents, filled with some great business opportunities, attractions, educational prospects and more.

More and more people are choosing to move to the North West, leading to an increase in demand which is undoubtedly contributing to the price changes in this UK region. In the year to June 2017, 330,000 people left the confines of the capital, and in 2018, record numbers of Londoners had been selling their existing properties to move up North. This makes a lot of sense, considering the cost of property in cities in the North West of England compared to London. London properties are priced at £484,173 on average, while those in Manchester come with an average asking price of £173,381. Homeowners selling a two-bed flat in London for £250,000 could afford to buy a three-bed semi-detached house for the same cost in Manchester. Liverpool property prices are also highly affordable compared to the capital, with an average of just £130,677.

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One of the biggest markets when it comes to UK property investment is the student housing market. Home to some world-class universities such as the University of Liverpool and the University of Manchester, the North West attracts huge numbers of students each year, boosting demand for student accommodation. With student accommodation often being a lot more affordable than residential property types, investors can purchase a student property for as low as £59,995 with Liverpool’s City Point development, then benefit from a high level of expected growth.

Regeneration plays a big part in the growth of the region, with the North West undergoing a number of big redevelopment schemes. Some of the most extensive regeneration schemes of the last ten years include Salford’s MediaCityUK which completed in 2011, and Liverpool’s Liverpool One scheme which opened in 2007. Future plans for North West England include Liverpool Waters, a £5 billion regeneration scheme which aims to revitalise parts of the historic Liverpool docklands, along with the much anticipated Northern Powerhouse Rail project which will improve connectivity between the North of England’s key cities and encourage more growth in UK areas.

Areas that are being transformed and regenerated are known to have thriving property markets, and this is certainly the case for the North West region and a factor that has contributed towards the house price growth Manchester, Liverpool, and other towns have seen.

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House prices North West forecast

So what does the future have in store for the North West region in terms of house price growth forecast predictions? House prices in the North West for 2019 are at an all-time high, and predictions show that growth is set to continue. According to predictions by Savills, properties in the North West are expected to grow by 18.1 per cent by 2022. During the same period, the UK is predicted to increase by around 14 per cent, which shows that this Northern region will remain at the forefront for UK investments.

If you’re thinking about making an investment of your own or buying a new home in the North West, now is the best time to do so. Prices are currently highly affordable, and with big growth on the horizon, you can benefit from impressive returns when you choose to sell the property further down the line. If you do decide to buy a property in the North West, however, be sure to do your research on the most high-performing locations and postcodes. Some areas have better potential than others, such as Liverpool and Manchester City Centre where property values have been rising since 2015. Other areas such as Widnes, on the other hand, have seen less significant growth during the same period.

Benefit from growing North West house prices with RWinvest

All of the current properties available at RWinvest are based in the most high-performing areas of the North West. If you’re keen to make a buy to let property purchase in this thriving UK region, please get in touch today and we can guide you through our fantastic range of opportunities.

The North West attracts huge numbers of students each year, boosting demand for student accommodation.

Sarah Roberts, RWinvest

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