PROPERTY PRICE GROWTH CONTINUES AS NORTHERN CITIES LEAD AGAIN
Once again house valuations across the North of England have continued to show strong growth amid a varied national picture.
The latest Zoopla Cities House Price Index data highlights significant regional variations, with a clear North/South divide, with the likes of Manchester and Liverpool recording +5% year-on-year growth.
Conversely, areas around London and the South East have seen more stunted growth or in some cases even small losses.
Areas benefiting from affordable starting prices with the Government backed ‘Help to Buy’ scheme and rising employment rates have seen the strongest annual increases. Liverpool leads the way posting 5.7% growth, followed by Leicester (5.3%), Manchester (5.1%), Glasgow (5%) and Belfast (4.7%). LPC Living, part of the Pervaiz Naviede Family Trust portfolio, are delighted to be playing a part with their exclusive boutique Birkdale Place development being available from as little as a 5% deposit.
On average, the number of transactions in northern cities has increased by 6% compared to 2016, with sales in Liverpool seeing 19% growth alone.
Research and insight director at Zoopla, Richard Donnell commented on the results that: “The housing cycle continues to unfold at different speeds across UK cities.
“House prices and sales volumes continue to increase in regional cities outside southern England.”
First-time buyers have been credited as one of the most active buyer groups helping ensure continued demand in the property market so far in 2019, and two of the most active areas for those taking their first steps on the property ladder has been in Yorkshire and the North West where price growth remains strong year-on-year.
In fact, Halifax published figures last month that indicated how the number of first-time buyers had reached a 23-year high in 2018, supported by a range of house-buying mechanisms aimed at cutting deposit requirements and helping to meet stricter affordability levels, including Help-to-Buy and the growing availability of 5% mortgages from high street banks.
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