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The North: Key Regional Property Markets
At the start of the national lockdown, house prices grew by 2.1%. The latest market analysis by Zoopla demonstrates an annual house price growth rate of 4%, with the strongest growth in the northern regions. A reason for the inflating property prices is primarily due to housing demand not being met by the housing supply. Eventually, the upward pressure on house prices will steady, but not until the steep supply and demand imbalance starts to equalise.
Prices continue to grow with speed in regions with a higher percentage of affordable homes. UK’s key regional markets, Yorkshire and the Humber and the North West are demonstrating the strongest house price growth rates. Here, prices are climbing by 5.3% and 5.2% respectively. In comparison to the northern regions, London, home to the most expensive properties in the UK has only shown a slight growth of 2% over the year.
Top 5 Cities with the Strongest Property Price Growth
*figures from Zoopla house price index report
On the other hand, at a city level, Manchester continues to take the lead. Manchester’s booming property market illustrates the strongest price growth of 6.5% across the UK. Liverpool follows closely behind on the leader board, with a 6.3% annual growth rate. The growth stability is a leading factor of why many investors are attracted to the north for property investment. Northern regions provide the perfect opportunity for long-term property investments. Secure an asset and reap the reward as the value continues to increase year on year.
The average house price in Manchester sits below the UK average property price. Therefore, buyers will a smaller budget can secure a profitable investment in a city projecting high capital growth. From the Top 5 performing cities, Liverpool and Sheffield offer homes at the lowest average price. Nevertheless, the annual growth rate is high. This is due to rising buyer demands in the area.
On the contrary, Oxford and Cambridge have not shown much progress in the property market. Despite having the highest value of housing stock across the UK, the cities record a subdued growth of 1.6% and 2% respectively.
We predict house price growth will slow down towards Q3. This is because the stamp duty holiday extension will end in September and the government support around the pandemic will start to reduce.
Regardless of whether you are adding to an existing portfolio, or are a first-time investor, our team of experts can guide you through your property journey. Get in touch today to receive independent, professional advice whilst our experts search the market for the property that best suits your strategy and goals.
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