According to a recent report, property prices in England’s North West are likely to increase at well above the rate of increases in London during the coming five years.
Estate agent Savills has forecast house prices across the country to rise by 14.2% between 2018 and 2022. However, the report does state that different regions will experience differences in price growth during this period. Homes in the North West are forecast to increase in value by 18%, compared to 7% in London.
Property prices in the North West were also believed to be an average of 5.6 times the average income in that region, while in London the figure is 12.9 times the average income . The head of residential for Savills Chester, Charlie Kannreuther, stated that the Ribble Valley, further north, has potential hotspots, like Whalley and Clitheroe.
Research analyst Lawrence Bowles believes that more certainty in the economy and politically would improve property price growth in the capital, but warned that the rising cost of mortgage debt could have an impact on affordability. Savills stated that property prices in London have risen by more than 70% during the last 10 years, making it more accessible to households with greater affluence.
Those who may want to consider buying a home in the North West during the next five years may want to consult a CeMAP qualified mortgage advisor so they can ensure they are in the best position to do so.