House price growth has accelerated in certain areas of the UK compared to last year. According to the latest data from Hometrack, a provider of property market intelligence reports, property values are rising fastest in Liverpool, Manchester, and Bristol.
London house prices
London house prices are growing at a slightly slower pace, which is great news for first-time buyers looking to get on the property ladder in the capital. The Hometrack figures show that year-on-year house price growth was 6.4% in London in January. However, according to Nationwide’s latest index, house prices in London picked up the pace in February, with the number of valuations also increasing by 0.6% compared to January, confirming resilience in the housing market.
The North West – the UK’s latest property hotspot
Insight Director at Hometrack, Richard Donnell, said: “Growth in London has been superseded by large regional cities such as Manchester, Liverpool, and Birmingham.”
According to the report, average house prices in Liverpool rose by 7.1%, and in Manchester by 8.3%. As previously revealed on the Kingsley Hamilton Estates blog, the North West offers brilliant rental returns for investors – almost double digits – particularly in areas such as Liverpool and Manchester.
So what’s behind the growth in this part of the country?
To start with, there’s the Northern Powerhouse plan, which the government designed to turn the North of England into an economic force to rival London.
This, combined with an already growing economy, brilliant transport links, and an expanding population makes this part of the country an ideal place to invest and to live.
Looking for a property to in the North West? Get in touch with our team today on 020 7078 0214 or email email@example.com.
Alternatively, view the latest developments in the North of England here.