Northern housing market sees values grow by £137 billion in just two years
The housing market in the North of England has outgrown the South massively, seeing more than £12 billion than the southern cities in growth, according to Savill’s latest research between 2022-2024.
Growth in the North is consistently outperforming the South, with house prices consistently rising at a much faster pace – with the North West, Scotland, and Yorkshire and the Humber adding £37 billion to the value of homes in each area in just two years.
Growth isn’t expected to stop here, with further increases expected in the coming months.
“With the Bank of England expected to cut interest rates further over the coming months, we anticipate an increase in transactional activity, particularly among second-steppers who have held off moving until rates fall. While first-time buyer activity is expected to be boosted by planned reforms to mortgage rules.‘‘’’
“This in turn should lead to further upward pressure on values, mitigating any impact that increased taxation and regulation will have on the private rented sector, as well as lower levels of housebuilding.”‘‘’’
Lucian Cook, Savills’ Head of Residential Research.
If you’re looking to benefit from this staggering level of growth, reach out to our property consultants today to gain more information on our available opportunities.
