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North England Boasts Inflation-Beating Property Price Growth

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    North-South Property Market Performance Divide Continues

    The latest Home Asking Price Index has revealed a marginal dip in asking prices across England and Wales over the last month. This slight decline of 0.2% is the first drop in nine months, and home prices are up 1.5% on a yearly basis, suggesting continued stability in the housing market despite high supply and seasonal trends.

    The index also shows that monthly falls in asking prices have been found in London and the West Midlands, while other regional markets such as Scotland, the North West, and the North East have all registered price increases. Home states this may be due to a more attractive buy-to-let property market.

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      Sales Momentum Remains Healthy & Stock Increases

      Supply continues to expand, with the total number of new instructions in August increasing by 14% compared to last year and 8% more than in August 2019. The current sales stock amount is at its highest since November 2014, as nearly 5000 properties were added to agents’ portfolios. This brings the current count of unsold stock to 499,667, as continued high demand meant that total available stock for sale has only increased by a comparatively small margin.

      According to Home, the sales market momentum is relatively healthy. The Typical Time on the Market (median) in England and Wales is a week shorter than the figures for September 2019, but there has been a five-day increase compared to August last year. Home’s Market Turnover Indicator also shows a performance comparable to the pre-pandemic market.

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      Attractive Rental Yields in the North Boost Performance

      There is a marked disparity between the North and South of England. Northern English regions have shown promising market performances with inflation-beating price growth, while southern areas have lagged behind.

      The region that has experienced the highest annual price growth for September is the North East, followed by the North West and Yorkshire. Home notes that these regions are known for much more attractive buy-to-let rental yields than London and its nearby areas, possibly leading to more demand and better market performance.

      The West Midlands, Scotland, and Wales are also registering above-inflation gains; however, the remaining five English regions are experiencing growth well below the average for England and Wales. According to Home, these areas are losing ground in real terms as they are unable to keep up with inflation.

      Home also forecasts that this north-south divide will persist even as mortgage rates improve due to more attractive rental yields in the North. These are constantly improving due to rental costs increasing ahead of home values in the three top northern regions.

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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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