North West Property Price Forecast for 2021 Revised Up To 10.5%
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The property price forecast by industry experts Savills has been revised up for the UK from 4% to 9% for 2021.
The North West of England is leading the way, with prices expected to increase by 10.5% in 2021, revised up from 4.5% on the last forecast published earlier this year. Prior to this, Savills has predicted 0% growth for 2021.
The latest forecast has been revised up due to the impact on the property sales market from the Stamp Duty holiday and buyers reassessing what they need from their home, in addition to low interest rates on mortgages and the re-introduction of 5% deposit mortgages for first time buyers. The demand from new buyers continues to outweigh the supply of new properties placed onto the sales market, forcing prices up.
The conditions since the property market reopened after the first lockdown in 2020 have underpinned the five year forecast, such as the economic recovering reducing the unemployment levels, slow and modest rises in interest rates gradually impacting upon affordability and more affluent buyers entering the market.
The forecast property price increase is echoes by the Royal Institute of Chartered Surveyors (RICS), who 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
Affordability is a key driver for property price increases with cities like Manchester in the North West of England seeing the largest price increases as the ratio of average income to property prices is still very reasonable compared to the rest of the UK. The North West of England is expected to see the largest increase in property prices at 28% by 2025, so now is the time to buy before prices increase further.
Manchester has long been our most popular market for international buy-to-let property investors, where in addition to high levels of capital growth, rents are also expected to increase by 16.5% by 2025.
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