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The North West Property Market Is Outperforming The UK

May 10, 2024

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Key Highlights

UK

The North West property market is outperforming the rest of the UK property market, outstripping London and the South East. Here’s why.

 

It’s no secret that the UK property market has suffered some setbacks in the last couple of years, thanks to a disastrous 2022 mini-budget and sky-rocketing inflation. While the UK economy and housing market are well on their way to recovery, some areas are flourishing better than others.

In a recent study from housing and rental giant Zoopla, figures showed that the North West housing market was the best in the country in terms of growth and recovery, boasting the highest annual change in house prices throughout England. Their January 2024 index, published in April, showed that house prices in the North West have increased by 0.7% in the past 12 months. While this might seem nothing much to shout about, this is backdropped by a national average of a 0.5% decline in house prices.

According to Halifax in their House Price Index, they found that UK house prices have dipped for the first time in the past half year. The average UK house price decreased by roughly £2900 – a drop of 1%.

The Statistics

The North

North West +0.7%

North East +0.6%

Yorkshire and Humber +0.3%

The South

East of England -2.1%

London -0.8%

South East -1.9%

South West -1.7%

In March 2024, the average UK house price stood at £264,500. According to recent Rightmove data, properties in the North West stood at an average of £237,286 in the past 12 months. The majority of sales during this period were semi-detached residences, which sold for an average of £236,919. Terraced properties fetched £168,306 and the average selling price for detached was £407,371. All of this represents a growth of 2% since 2021, though still not as high as the year before.

Why The North West Property Market?

If London is the epicentre of finance, growth, culture, and history, then why has the North West become so popular recently?

From this, it is clear that the North-South divide has finally flipped, with the North enjoying growth even during a time of hardship. The North West city of Greater Manchester has been dubbed the UK’s “second city”, becoming a top destination to work and live after London.

Looking at Manchester, it is easy to see why. It has a strong and flourishing economy, with a thriving job market to boot. It is currently home to hundreds of startups and established businesses, both inside Manchester city centre and the wider surrounding area. It is renowned for tech, finance, and the creative industries. It is also home to several esteemed universities, including the University of Manchester, which is globally recognised.

For cultural pursuits, the city has plenty of art galleries, museums, theatres, and a fantastic music scene. It is also a major sports hub, with the city being the home of Manchester United and Manchester City football clubs.

Other cities such as Lancaster and Liverpool have also enjoyed population booms, in thanks to their strong student populations and exciting nightlife. North West cities are well connected, with strong transport links, and are all short distances from green spaces such as national parks. The Peak District, Lake District, and Snowdonia are all within accessible distances by train or car.

And it’s not just the North West, even Yorkshire and North East cities have been enjoying a population and house price boom lately, seeing a house price growth of 0.3% and 0.6% respectively.

On the other side, the South is experiencing house price hardship due to rising mortgage rates, the cost of living crisis, and so on. Rising costs have led homebuyers and renters alike to set their sights up north for cheaper living costs and new opportunities. New opportunities for investors lie further up north, with cheaper housing prices and the possibility for higher rental and rental yields.

Summary

North Property Group is a property investment company and lettings agency, specialising in UK new-build residences and UK off plan properties. We secure the best deals with property development agencies to deliver the best opportunities on the market to investors.

In addition to finding great deals, we also offer lettings and management services. We can take care of your property investment’s lifecycle, from purchase to selling and everything in between. Book a free consultation with us today to begin investing in premium UK real estate development and UK off plan property.




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