North West England Housing Boom – Prices Increase by 15%
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The North West of England is leading the UK’s housing boom, with an increase in property prices of 15.2% in the year to May 2021.
Affordability is key as property markets with more affordable property prices such as Manchester have been most popular as buyers can get more property for their money and benefit from higher rates of forecast price growth over the next 5-years. Industry experts Savills have forecast price increased of 28.8% in the North West of England in the 5-years to 2025, so now really is the time to buy.
At the other end of the scale, London saw the lowest increase in property prices of just 5.2% over the same period. Whilst this rapid rate of growth will eventually slow down, the lower levels of growth in London and the higher growth in the North West of England will see a decreasing gap in property prices between the two markets.
The average home in the UK in May was £255,000 according to The Office of National Statistics (ONS), increasing by 10% from the year before, which is the highest rate of property price growth for 14-years.
What is Causing the UK Housing Boom?
The stamp duty holiday is not the only reason for increases in demand and property prices as proven in Scotland, which has experienced rapid growth of 12.1%, yet their property tax holiday ended in March 2021.
- Low mortgage interest rates
- Stamp Duty Holiday providing huge cost savings for property buyers
- Changing priorities – buyers looking for larger homes to live and work
- Outside green space – properties with access to outdoor space have become exceptionally popular
- Supply constraint of property onto the sales market
- Flexibility to work from home
The Royal Institute of Chartered Surveyors (RICS) reported that the majority of their surveyors believed that prices will continue to increase over the next year, despite the end of the Stamp Duty Holiday.
Manchester Buy-to-Let Property Investment
Regency Invest target areas with the highest potential for rental growth and price growth driven by regeneration, migration of big businesses and a growing young population. For these reasons, Manchester is our most popular market for international property investors, who we help to build a high-performing property portfolio.
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