Not even a third lockdown could slow the property market in Manchester and Liverpool. The latest house price findings from Zoopla show that property prices in the north west have risen faster than anywhere else in the country, thanks to strong demand and excellent economic prospects in the region. Find out why you should invest in Manchester property:
UK-leading Price Growth
The north west continues to lead the way for annual house price growth. The average price growth for the region over the past 12 months is an impressive 5.6%. This is more than an entire percentage point higher than the UK average of 4.3%.
Looking at annual house price increases for individual UK cities, Liverpool leads at 6.8% growth, with Manchester close behind at 6.3% growth, followed by Leeds with a 5.5% increase.
These healthy figures should be very reassuring for those wanting to invest in a Manchester property, or a property in Liverpool or Leeds.
Strong house price growth in the north west isn’t anything new. For the past few years, the property market in cities in this part of the UK have seen exceptional performance. For example, 2020 was already a record year for Manchester’s property market, encouraging many people to invest in a Manchester property.
Strengthening North West Economies
In the north west, the trend of strong house price growth – despite a global pandemic – is due to a range of factors. The economies of Liverpool, Manchester and Leeds have gone from strength-to-strength in recent years. And with investment levels in these cities as high as they are, these northern cities’ fortunes look sure to improve even more.
Job markets in these cities also continue to develop, with ever more major companies moving north. Manchester in particular has seen many organisations set up locations in the city and invest in Manchester property.
The coronavirus pandemic has also made people reassess how they want to live their lives. Although people were beginning to move out of London to northern cities before the pandemic. Successive lockdowns have increased the exodus from the capital.
Predictions For The Rest Of 2021
Demand in housing across the UK is currently 12.4% higher than it was this time last year. And this doesn’t look set to fall any time soon.
Thanks to the vaccine roll-out and the loosening of lockdown restrictions, the housing market will begin to open up again. As more properties are put on the market, sellers will bolster the current demand as they look for somewhere to move to.
Zoopla forecasts property marketing activity to remain strong until at the least the middle of 2021. With housing prices looking set to grow, there may be no better time to invest in a Manchester property, or a property in another city in the booming north west.
To find out more about investing in Manchester property, or a property in Liverpool or Leeds, contact North Property Group today.