Property in the North West

The North West is home to a wide range of property types as residents across the region have different lifestyle needs. The most popular type of property in the North West is the semi-detached house, which makes up around 30% of all properties in the region.

The North West property market is currently experiencing a period of growth, with prices rising by an average of 7.2% over the last year. This growth is being driven by a number of factors, including the strong economy, high employment rates, and the persisting supply-demand imbalance.

Why the High Demand?

Demand for property is high in the North West of England. Properties are only staying on the market for an average of 30 days. Therefore, houses are selling quicker, this is because on average it takes around 40 days for a sale to be agreed upon. The heightened activity is due to the enhanced desirability of the area. Are such as Manchester, Liverpool and Chester are named some of the best areas to live in the UK.

These areas are known to be highly desirable because of the diverse culture, strong communities, and the quality of the property available. These aspects are incredibly attractive to buyers, looking for long-term accommodations.

Liverpool

Liverpool holds one of the UK’s fastest-growing property markets right now. The city is experiencing a property price boom currently. This is due to the regeneration in the area boosting the local infrastructure. For residents, areas such as Crosby have been voted as one of The Guardians top areas to live in the UK.

The average property price in Liverpool is currently £156,000, far below the national average. However, recently, Liverpool experienced 8.6% property price growth year on year between 2021 and 2022. This is forecasted to continue to grow, meaning investors may be able to achieve strong returns on their properties.

Chester

Chester is one of the top locations to live in the UK. Offering the idyllic Cheshire lifestyle while still offering residents plenty of opportunities. The city has a friendly community which can benefit from the luxury shopping experiences and historic Roman landmarks.

Average property prices in Chester are currently £298,000, above the national average. This is the result of a 13.6% property price growth year on year between 2021 and 2022. However, the area is a location known for economic strength, employment rates are high and desirability in the area is growing. This means Chester could see similar growth in the next few years.