Great UK House Prices For Investors
The continued growth of UK property prices hasn’t diluted the attractiveness of Manchester to developers and buy to let investors. The highest average house price in the city currently stands at £232,365. By comparison, the average UK property price in London hits a dramatic high of £484,926; over double that of their Northern competitor. Liverpool fares even better than their neighbour in the UK property market. As of September 2018, the average house price in the Northern Powerhouse city is £173,101.
The disparity in house prices between London and the North West region is big news. It is the primary contributory factor for the mass exodus of professionals in their 30s leaving London and heading North. In the year to June 2017, 330,000 people left the confines of the capital. The numbers of people leaving London and heading 200 miles or more north increased by 371% over a 12-month period. They are upping sticks and looking to live and work in Liverpool and Manchester, the UK’s fastest growing and exciting cities.
The poor performance of the London property market may even be responsible for skewing the national average. The 0.7% fall in the capital’s house meant that the UK average growth of 3.1% was the country’s lowest since August 2013, when annual growth of 3.0% was recorded.
Without the strong performances of cities like Liverpool, Manchester, Birmingham and Bristol, London’s slide will have affected the UK’s property market more profoundly.