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North West Shows Strongest Property Market Performance in England

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    UK House Prices Up 1.6% Annually

    Halifax’s latest House Price Index reveals that UK house prices have increased year-on-year for the seventh consecutive month. According to Halifax’s data, the average property price now stands at £288,455, down slightly from £288,931 in May.

    Their figures suggest growth has been broadly flat on a monthly basis, with prices down by just -0.2% in June, which is less than £500 in cash terms.

    The annual rate is unchanged from last month, with average prices growing by 1.6%.

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      North West Property Up 3.8% Year-on-Year

      The report found that Northern Ireland had the strongest house price growth in June at the region/nation level. Prices have increased by 4% annually, an improvement on last month’s 3.3%. The average price in Northern Ireland is now £192,457.

      North West isn’t far behind, with 3.8% annual growth over the last year, making it the best-performing region in England. The average house price in this area has climbed to £231,351.

      The East of England was the only region in the UK to experience an annual decrease in house prices. The average is down -0.9% compared to last year and stands at £328,747.

      The North West’s strong performance is good news for the Liverpool buy-to-let market and property investment in Manchester, with the Savills’ Capital Growth Projections also indicating a 28.8% increase across the next five years.

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      What Does the Future of the UK Property Market Look Like?

      Looking to the future, the Halifax House Price Index believes that these price rises are likely to continue through the rest of 2024 and into 2025. Beyond 2025, many market forecasters, such as Savills, have predicted that more significant capital growth will be observed from 2026 onwards. Their Mainstream Capital Value Forecast states projected figures of 4.5% average growth for 2026 and 5% for 2027.

      Regarding the latest House Price Index, Amanda Bryden, Head of Mortgages at Halifax, commented: “This continued stability in house prices – rising by just +0.4% so far this year – reflects a market that remains subdued, though overall activity has been recovering. For now, it’s the shortage of available properties, rather than demand from buyers, that continues to underpin higher prices.

      “Mortgage affordability is still the biggest challenge facing both homebuyers and those coming to the end of fixed-term deals. This issue is likely to be eased gradually through a combination of lower interest rates, rising incomes, and more restrained growth in house prices. While in the short-term, the housing market is delicately balanced and sensitive to the pace of change to Base Rate, based on our current expectations, property prices are likely to rise modestly through the rest of this year and into 2025.”

      North West Shows Strongest Property Market Performance in England

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      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.