The North West Property Market 

A Rising Market

Zoopla’s recent data report shows that currently, the North West’s housing market is one of the best performing in the UK, with the highest annual increase in house prices in England. The data published shows that houses in the North have increased by 0.7% compared to 2023. Although the annual house price growth doesn’t look like much of a rise, it’s promising for the North West property market as the UK overall saw a decrease of 0.5%. 

Factors Effecting

The Divide

One of the main explanations is the large majority of individuals and businesses moving away from London, due to the fact it has become far too expensive for most people to live. Therefore, other cities like Manchester, Liverpool, and Leeds are now more appealing locations. London’s cost of living, especially the cost of housing and general expenses, has become unaffordable for many residents. With the city’s property prices and rents being among the highest in the country, this makes it difficult for average workers, and especially young professionals and families, to afford to own property in that area.

Properties in the North are not only more affordable but they also generate a much better return on investments compared to the South. Therefore, investing in the North has become increasingly more attractive in recent years. In the whole of England in the past year, Liverpool saw the highest growth of 1.1%, followed by Manchester, Leeds and Newcastle at 0.8%, and Sheffield at 0.7%. As a result of this, these cities are receiving the highest demand from both investors and buyers and CityRise has amazing investment opportunities across these cities!

North West Rents See the

Biggest Growth

According to Goodlord, the North West has seen the biggest annual growth in rents, rising by an impressive 8.1% over the past year. The average rental cost in the area is now £960, up from £888 in May 2023. This is a larger growth than England as a whole, which has seen a 6% growth compared to May 2023. 

The latest statistics from Goodlord have shown that the average cost of a rental property has risen by 1.4% in May 2024, up to £1,183 compared to April’s average of £1,166. This is the highest average rent seen since October 2023 when the cost of rental properties reached £1,190 per month. This data shows that the Northwest saw the second-biggest monthly rent increase. However, this region still leads the way when it comes to rental growth annually.

There has been a significant rise in the build-to-rent sector, as well as there being a rise in the popularity of more high-end rental developments for young professionals in city centres. Many new developments come with additional amenities such as shared spaces, concierge services and outdoor areas, which increases the desirability of the development.