April Property Market 2024

The North Taking The Lead

This month, the average asking price of property coming to the market has risen by £4,207 representing a 1.1% increase, bumping the average to £372,324. This is only £570 less than the record in May 2023. The annual property price growth rate is now +1.7%, the highest level in the last 12 months. According to Zoopla, market activity is improving, and house prices are stable across the UK.

In recent months, Northern England experienced the most significant property price growth. Whereas, cities in the south witnessed a decrease in the annual percentage change. Cities such as Sheffield, Manchester and Leeds, showcased the largest increases in property price growth.

The average rent in the UK is now at £1,223 per month, after a 7.2% growth in the past 12 months. The place for the highest average rent in the UK is London with an average rent of £2,121 PCM, while the North East has the lowest monthly rent of £695 PCM.

Rising Opportunities

According to Nationwide, in the months leading to April, regions in the north saw the most growth. With the North East seeing a growth of 2.3%, and the North West rates growing 1.6%. 

Investors with properties across the north could see high returns in coming years due to the significant potential for capital growth. This growth is down to the regeneration schemes planned and improvements of the cities. According to Savills, the UK is expected to witness a 17.9% growth in the next five years, with the North West and West Midlands predicted to see growth as high as 20.2%! 

Luckily, here at CityRise, we have many investment opportunities for different budgets across the North…