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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.
How Much are the Properties?
Average property prices in the North West are around £209,000, lower than the national average of £259,000. This is representative of the variety of properties available in the region. Whilst some regions in the North West boast high property prices, like Cheshire in other regions such as Merseyside property can be obtained at a much lower price.
In 2023, property prices in the North West are forecasted to rise by a further 3%. While this is lower than previously expected, the UK property market is slower than in the previous year. Therefore, the growth in the North West is strong in the context of the wider market.
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 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.
Manchester is one of the strongest locations for owner-occupiers and investors. The city has one of the most diverse populations in the world. Furthermore, it hosts some of the largest businesses outside of London, with residents able to benefit from high employment rates.
Manchester has seen an impressive 9.3% property price growth year on year between 2021 and 2022. This has seen average property prices in the city reach over £250,000, growth of this speed means investors will still be able to obtain property now and benefit from capital appreciation.
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.
The North West is full of incredible locations, all connected with fantastic rail links. Areas such as Warrington act as a perfect central hub between Manchester and Liverpool, situated directly between the two cities. This is perfect for commuters who work in a hybrid role, with the location opening up job opportunities from either city.
Additionally, many towns in the North West have a fantastic local economy of their own, with plenty of amenities and opportunities available to residents. This is a result of the economic growth in the region. When the cities grow, so do the commuter towns around them. Therefore, with the large growth seen in Manchester and Liverpool, towns in the North West have also benefited.
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