North West Property Market Continues To Outperform Capital
As the UK housing market enters the summer boom, there's still an ever-growing divide between the North and South of the country. As house prices continue to grow, the North West repeatedly outshines the southern cities, offering more property per pound as well as the fastest house price increases, further showing that the North is where investors want to be.
According to Halifax's latest house price index, the UK recorded a 0/4% month-on-month property price rise, with a 2.4% annual increase, which brings the average house price in the country to £298,237.
However, the North West has seen a much stronger price growth of 4%, further securing its title as the leading region and the most desirable place for property investors looking for strong returns.
Improved Affordability
On the whole, the average person's finances are now in a stronger place compared to the same time last year, with wages increasing and mortgage rates decreasing to open avenues to a larger number of buyers, helping to keep the momentum of the housing market.
Because of this, house prices have been buoyed, with the expectation of many analysts being that values will continue to grow in the next year or so, with the hope that we will see even stronger growth in the following five years.
One of the key aspects of the North West's performance is affordability, while house prices are strong and continously growing, this region is also home to some of the cheaper properties in the country, with the average house price sitting at £242,293 - well below the national average.
For both homebuyers and investors, this means that the housing in these areas a much better value for money, and is one of the major reasons behind a lot of the outward migrations in recent years from more expensive regions, including London and the South East, which record much slower overall growth.
If you're looking to invest in the North West, reach out to our expert team today for more information on upcoming projects.
