North West Housing Demand on the Rise
With the current economic boom the housing market is seeing, many are looking to move closer to city centres outside of London. With the capital still showing property values far above the rest of the UK, there are many benefits to moving to different areas.
Cities in the North-West like Liverpool and Manchester are considered the best places to buy property due to their vibrant culture, growing economies and array of job opportunities. This has seen houses in city centres become prime real estate.
Compared to other kinds of properties like flats and apartments, properties like Townhouses or Duplexes offer far more space but for a higher price. They are best suited for families moving to the area, who still want to stay amongst the hustle and bustle of the city centre.
There are three key reasons behind this sudden demand, and investors should be aware of them. North-West cities are some of the best locations for investment in the UK, and this demand is part of the reason why.
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1. House Prices Are Lower
Cities in the North-West have lower house prices than other areas of the UK, meaning property is in more demand. Zoopla reports the average property price in Liverpool is £195,284, far lower than the national average of £278,000.
This means more people are moving to these city centres as they can find properties in the heart of the city for much lower than areas like London. You can buy a house in Liverpool for cheaper than a flat in London.
This shows that the North-West’s exciting property market is a key reason behind the demand for city centre houses in the area.
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2. Young Families Are Moving
Many young professionals are moving to the North-West for fantastic employment opportunities. Regeneration schemes are creating thousands of new jobs across a variety of sectors.
Those moving out of cities like London with a young family will likely be used to living in a city, and may not want to give up this way of life. Therefore, houses in or near city centres will be a popular choice when moving.
Looking for a spacious home to stay in for years rather than somewhere to stay just for work is making houses in the city centre a popular choice.
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3. People Want More Space Post-Pandemic
As the nation recovers from the COVID-19 pandemic, many workers still work remotely or split time between the office and home. This means space is a luxury in increasing demand.
Houses are, therefore, prime property in city centres, offering a great combination of space to work from home and being located close to places of work. This means newcomers to the city have the best of both worlds if they choose to rent a property such as a townhouse or duplex apartment.
If you are looking to invest in city centre housing, we have several sites available in Liverpool and Manchester.
Our newest launch, Central Park, has several luxury townhouses as part of the development. This is located in the heart of Liverpool and offers attractive rental yields to potential investors.
If you prefer Manchester, our site at Merchant’s Wharf has several duplex units available for investment. One of the fastest-growing cities in the UK, Manchester is one of the best cities in the nation for property investors.
Our best-in-industry sales team are more than happy to answer any questions you may have, so please do not hesitate to get in touch.