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North West sees major rise in house prices

The new Acadata House Price Index shows that there have been further significant rises in house prices throughout England, with the North West being the region that is experiencing the strongest growth.

There has been 13.4% annual rise in UK house prices according to this e.surv report, which takes the average price of a home to £343,658. However, the report also shows that sharpest rise has not been in any of the regions in the South of England, but rather in the North West – where the annual price growth has hit 18.4%.

This strong growth in house prices across the region is being primarily driven by market activity in two key North West areas – Merseyside and Greater Manchester. In those areas, the average prices are going up by an astonishing 20.9% annually.

By contrast, London is the UK area where growth has been at its lowest, with 10 of the boroughs in the capital reporting that house prices have been going down. However, as e.surv director Richard Sexton pointed out to Mortgage Introducer, this comes following years of growth in house prices across London.

Sexton added that:

“Our property type data shows that there has been a shift in the kind of homes that buyers are looking for. Working from home has encouraged interest in larger homes with gardens outside city centres.”

This is a great time to take CeMAP classes in Liverpool to become a mortgage advisor, with property demand in that area and the rest of the North West currently booming.

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