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    Property Price

    Increases

    During March the average price of a newly marketed property rose by £5,279 (1.5%), taking the total UK average house price to £368,118. Average asking prices however are still £4,776 below the May 2023 peak, leading to more buyers seeing a window of opportunity to purchase a property. The average 5-year mortgage rate is now 4.84% compared to 4.64% last month, continuing to test buyer affordability. 

    For over 2 years, rental prices for new lets have been rising faster than average earnings and only a rapid increase in supply will start to improve affordability for UK renters. However, for investors, this is a good thing as many people are being turned to renting as a cheaper alternative to buying a property. 

    Market Activity

    Shifts

    The number of sales being agreed rose by 13% compared to last year. And buyer demand is now 8% higher than 2023. Due to the rising prices, the average time the property is on the market is 71 days, which is the longest time since 2019. This has widened the housing supply and demand imbalance, pushing rents for new lets up faster than earnings, which has led to a decrease in rental affordability. All of this suggests the property market is heating up after a slower year in 2023. 

    Despite a great start to the year, the market remains sensitive to pricing and external events affecting the market. Rightmove’s data shows that the growth in buyer demand was slightly affected by the Spring Budget. Due to there being no direct help for first-time buyers or mortgage market innovations. 

    2024

    Smart
    Investments

    According to Savills, property prices in the northwest region are estimated to increase by 28% between 2021 to 2025. Leading to capital appreciation on properties invested in now. Properties close to nature, such as public parks and green spaces, make for the perfect investment as people are realising the importance of green spaces now more than ever. Locations outside of cities in more suburban areas are becoming increasingly popular. Currently, the tourism sector brings £1.35b to the local economy. Therefore, these desirable locations that attract many tourists and have many amenities such as museums and galleries to enjoy all across the city, are experiencing increasing demand.

    Properties across Manchester have an average of 5.5% rental yields and Manchester is a largely popular location for tourism as it houses many attractions for people across the world to visit. Making Manchester a perfect opportunity for investors. Towns outside of Leeds are also receiving high demand due to the access to more green spaces with easy access to the city’s amenities. Bradford and Leeds city centre are also great investment hotspots due to the regeneration plans and growth in the cities, offering investors amazing opportunities for high yields and large ROI. 

    Opportunities with CityRise

    At CityRise we have properties available across many hotspots in the North. Our developments will give investors the chance to gain high yields and gather capital appreciation on their property. As well as receive a high income from large demand in the locations of the developments. Below are some current developments available.

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