The North West housing market is leading the way for the rest of the nation as it’s house prices are rising despite the growth rate nationally being at its lowest in 5 years.
However, even with house prices in the north west being the strongest in England, the average house price remains below the national average. This is good news for those looking to get onto the property ladder or looking to invest in property or add to their portfolio.
Housing prices rose by 5.6% from the start of 2018 up until July according to the latest UK House Price Index. When compared to the national average in the same time frame of only 3.1%, it is clear to see that the North West is making gains.
In June North West property values had risen by an impressive 3.4% while the national price lagged behind at 1.2%.
In the North West region the average property price is now £165,529 and is rising. This is according to the Office for national Statistics (ONS) report.
National Housing Prices
With the national price rise being set at 3.1% for the period July 2017 – July 2018, the annual rate is at its lowest since August 2013. But with London’s fall of 0.7% in July 2017, it is certainly having a negative impact on the national figures.
Suchit Sethi, founder of cashbackremortgages.co.uk says: “Without solid performances from properties in cities like Manchester, Birmingham and Bristol, the UK’s housing market would be in a much graver state than [at] present.”
We are seeing strong, monthly growth which is a positive even in the face of the capital’s slower growth.
Good News for Homeowners with Property Price Rise
Good news for homeowners! The average house price across the UK is up £6,000 on last year! The average national house price now stands at £231,000 as of July 2018.
In England the average price is £245,000 with Wales at £157,000, Scotland at £150,000 and Northern Ireland standing at £133,000.
Michael Foxford, Partner at Birchall Blackburn Law and residential property expert with 24 years experience comments: “The outlook of the national property market is positive. We are seeing steady growth across the board and regional growth in the North West is leading the way. As we continue into the latter quarter of the year, we can only hope that the house prices continue to steadily rise until the end of the year and into the next,”
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