The new index of house prices by city, published by Zoopla, shows that prices continue to vary wildly throughout the UK, but the north west has enjoyed particularly strong growth.
Two cities in this part of the country, Liverpool and Manchester, are among the top three in the UK when it comes to growth in house prices. The average price of a home in Liverpool rose by 4.3% during the past year up to September, while average prices in Manchester went up by 4.4% in the same period. In both cases, this was well above the average growth for the country as a whole, which was 2.2%.
This is due to a high level of demand for homes in north west cities, which makes it an attractive area for those who invest in properties to rent, but the rise in house prices potentially makes it more difficult for those looking to buy their first home.
However, despite the relatively high cost, Manchester is also one of the UK cities where houses are selling most rapidly. The average home in Manchester that is on the market is sold within nine weeks, this is compared to the UK average of 12 weeks, and sellers are only required to offer a 2-3% discount to make the sale.
Clearly demand is strong in the north west at the moment, whatever the price and if you are thinking of buying your dream home there, it can be worth consulting a fully qualified CeMAP mortgage advisor before doing so.