North West property prices on the up again
Property prices in the UK grew by a further 0.3% in January following a stellar period of growth throughout 2017.
The region was the fastest growing in terms of average house prices last year with an average annual change of plus 4.6%, followed closely by the South West with 0.5% January growth and an annual increase of 4.1%.
The statistics from Your Move also give a broader picture of the UK property market, where seven out of 10 regions have experienced growth which the North East, South East and Greater London the only areas to see annual declines – the latter its biggest decline in average prices since August 2009.
The standout performer though will surprise some with Blackburn seeing prices soar by 16.4% over the last 12 months, followed by Warrington at 10.3% and Greater Manchester, well noted for its booming property sector, at 4.3%.
And it is the increased demand that’s a major influence on the increasing prices with fewer properties for sale entering the market. Property sales were down 4% in January compared to the same period in 2017.
Your Move managing director, Oliver Blake, noted that: “In our annual mix adjustment used to calculate the average house price for this report, the North West’s market share, based on transactions in the last year, sees the biggest increase of all regions, up 0.5 percent.
“It now makes a greater contribution to the average house price than any region other than the South East.”
Rate Rises Expected
At least one interest rate rise is expected in 2018, although that’s not necessarily bad news for prospective house buyers.
Acadata said as part of a statement: “The Bank is signalling rate rises – perhaps two – in 2018 and higher interest costs normally mean lower house prices.
“Of course, lenders have come into the year with ambitious lending targets which some will try to largely achieve in the first six months.
“We can thus expect to see very competitive mortgage pricing to help underpin the market.”
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