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Inflation-Beating Price Growth in North West Property Market Over Past Year

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    Stock Supply Up in a Dynamic and Buoyant UK Property Market

    According to the Home June Asking Price Index, key market indicators suggest a buoyant and dynamic market. This forward-looking index is based on asking price data so that the report can provide insights into price movements ahead of mortgage completion and actual sales data.

    The findings show that asking prices have grown month-on-month for the fifth consecutive time, recording a 0.5% rise on average across the UK.

    The total unsold sales stock for England and Wales increased again in the past month, with a current count of 485,269, the highest June total since 2014. The typical time on the market (median) for unsold properties in England and Wales is 83 days – 7 days less than in June 2019. This suggests that although the stock is up, market momentum is still relatively healthy.

    While there are worries regarding the oversupply of properties on the market, perhaps resulting in a supply-demand imbalance, market activity is at its highest since the final quarter of 2018, which is a positive sign for property investment opportunities.

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      North West is Still Strongest Performing Region for Price Growth

      According to Home’s data, all English regions, Wales, and Scotland have shown positive growth in asking prices in monthly percentage changes.

      Northern regions continue to see significant positive yearly growth, while areas such as the East of England and the South West are performing poorly compared to June 2023. Home predicts that this North-South divide will persist into the near future, which is essential to remember when looking for the best buy-to-let locations in the UK.

      The North West is still the strongest-performing region, with an average inflation-beating annual price increase of 3.8%. The East of England is the worst-performing region, with negative growth of -1.5% over the same period.

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      Big Regional Differences Revealed in Rental Inflation Data

      Asking rent growth has slowed from last year’s record-breaking growth, but some areas are still recording very high figures. According to this report from Home report, the national growth figure is down to 3%, but areas such as the North East and Yorkshire are leading the table with increases of 15% and 16%, respectively, year-on-year.

      The growth in Greater London asking rents has slowed to -1.7%. However, prime central London rents have increased in recent months. For example, Kensington and Chelsea rents have rebounded 13% over the last quarter, but overall they are still down annually by -10%.

      To find out more about the UK property market, take a look at our buy-to-let area guides, which cover topics such as investment property available in Newport and available investment property in Chester.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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