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North West House Prices Could Rise 4.3% in 2024

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    North West Expected to See Highest Price Growth by December

    easyMoney conducted new research analysing the recent performance of the British housing market.

    They used the latest Land Registry data to calculate the average monthly growth rate since interest rates remained at 5.25% in September last year. Then, they used this average monthly change to predict how the market might perform for the rest of the year. Homebuyers are still waiting for a reduction in interest rates this year.

    Let’s look at this data in more detail and see which areas may be best to focus on for UK buy-to-let investment.

    Find Out More: Check out our guides on long-term investment and the best thing to invest in right now to expand your buy-to-let knowledge.

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      Which Regions Are Expected to See Positive Price Growth?

      The analysis reveals that since the base rate held at 5.25% starting September 2023, the average national house price has been declining at a monthly rate of -0.3%.

      If this trend persists until the year-end, the average house price could decrease by -2.6%, equivalent to -£7,501, from today’s £283,428 to £275,927 by December 2024.

      A closer look at regions shows that only two areas are expected to witness positive growth by December.

      In the North West, the past six months saw an average monthly price growth of +0.4%. If this trend continues, prices are projected to increase by +4.3%, culminating in an average of £330,593.

      Similarly, the North East experienced a monthly average price growth of +0.2%. If this trend persists until December 2024, prices are estimated to rise by +2.4% to an average of £164,235.

      On the flip side, prices in all other regions are forecasted to decline, with the West Midlands (-7.8%), London (-6.8%), and Yorkshire & Humber (-6.3%) facing the most significant decline.

      These forecasts from easyMoney align with the broader industry consensus, suggesting that the British property market will likely remain subdued in 2024.

      Discover More: Dive into our property investment London and Liverpool new developments guides for more investment content.

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      What Did the Experts Make of the easyMoney Data?

      CEO of easyMoney, Jason Ferrando, said: “After such consistent upward growth, followed by a period of stagnation, it looks to be a far more settled year for the housing market, with property values expected to remain largely flat in 2024.

      “But as is so often the case, you can’t judge a market by its topline statistics. Instead, you have to dive down into the local market data to discover that price performance in certain parts of Britain could be far from flat as we move through the year.

      “For anyone who is looking to invest in property this year, it’s useful to know which parts of the country are bucking the national trend. Although it can be far less time consuming to opt for an investment vehicle where market experts have already done the hard work in identifying these up and coming investment hotspots.”

      For more property investment information, take a look at some of our recent buy-to-let area guides:

       

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      Author

      Dale Barham

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      Dale is a property news and onsite content writer at RWinvest.

      UK