Even though the national growth rate for house prices in the UK stands at a five year low, it looks as though the north-west of the country is thriving. As an estate agent based in Stockport, this doesn’t surprise us, and we know that there is a lot of positive work taking place in the town. There is also a lot to be said for the changes and developments taking place across the Greater Manchester region, and it is likely that the north-west will remain an important leader in the UK property market for some time.
Figures taken from the most recent UK House Price Index suggests that north-west property prices rose by 5.6% for the year up to July. The national figure for the same period stood at 3.1%, so the north-west managed to outperform the national average.
North-west property prices offer opportunities
There was also positivity in the June of 2018 figures. Prices rose by 3.4% in the north-west while in the rest of the country, there was just a rise of 1.2%. Information from the Office for National Statistics (ONS) suggest that the average price of property in the north-west of England stands at £165,529.
Russell Quirk is the Chief Executive of Emoov, and he spoke about the ONS data, saying; “While many will be quick to highlight yet another landmark low in the rate of house price growth, the bigger picture is that the market has firmly found its feet and is registering strong annual and monthly price growth.”
The ONS figures state that the average price of property in the United Kingdom as of July 2018 stood at £231,000. This was an increase of £8,000 over the previous year. For England alone, the July 2018 figure was listed as £245,000.
Investors have a lot to enjoy about north-west prices
Even though the property price growth in the north-west of the country is stronger than the national average, the average price and value of homes in the area stand below the national average. This creates an additional incentive for buyers to choose this area as opposed to somewhere else in the country.
Not everyone is free or able to up sticks and move around the country to find the best prices or options, but the north-west of England is an ideal location for those who have some freedom in where they stay.
As Stockport property specialists who understand the Greater Manchester market, we are not surprised at the positive remarks made about the north-west of the country. If you would like to learn more about what the area has to offer, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html