The latest research carried out by the Halifax has shown that the most sizeable house price rises in the UK during the last year have been in the north of the country, with the north west in particular seeing healthy increases.
The managing director for the Halifax, Russell Galley, told Mortgage Introducer that the annual study of the top 10 UK areas for house prices revealed that northern areas had enjoyed the largest rises in the average prices of houses, while the prices in the south of England had experienced the most noticeable dip.
He added that this was a reverse of the typical story in recent times and that overall, it was a positive development when it comes to making the average price of houses more evenly balanced across the country.
Although the two areas that saw the biggest rise in prices – Billingham with 12.3% and Ilkeston at 9.1% – are on the east side of the country, the other eight places that make up the top 10 are all north west ones. Acknowledging this, Galley went on to say:
“While this may be good news for those looking to sell in regions such as the north west, it’s prospective buyers closer to the likes of London who may be hoping that a property purchase is becoming that little bit more affordable.”
The findings also suggest that mortgage advisors who have taken the necessary CeMAP classes in the north west will be in demand to help homebuyers there find mortgage loans they can afford.