The North West has enjoyed the highest annual house price growth, with average prices increasing by 15.2 per cent.
According to figures released by the Office for National Statistics (ONS), the average UK property cost £255,000 in May this year. Detached and terraced homes showed the biggest increases, according to HM Land Registry. As a result of the pandemic and work-at-home opportunities, the trend shows that people are now seeking larger homes in which to live and have home offices.
What is causing the growth in the North West?
The North West is one of the areas predicted to enjoy strong investment and development opportunities in the coming years. Coupled with the government’s plan to level UK prices, this will inject more business and investment into the region.
The Office for National Statistics said that property prices in the UK increased by 10 per cent in the year to May. The statistics cover the period during which thousands of transactions were processed to beat the stamp duty holiday deadline in England and Wales.
Prices were steady after lockdowns
For some areas, the price rebound after the lockdowns means prices are levelling at their previous figures; for other regions, the push has seen prices increase to levels beyond the previous all-time highs. Wales saw a 13.3 per cent increase, while Scotland rose by 12.1 per cent. The North East of England saw prices up by 11.8 per cent, the West Midlands rose by just under 10 per cent, and Northern Ireland saw an increase of just over 6 per cent.
At the lower end of the table, London recorded the lowest property price rise at just 5.2 per cent; however, HM Land Registry figures show that semi-detached and terraced houses were in high demand, which helped to push prices up. In areas of high demand where not enough properties were on the market to match consumer demand, asking prices continued to rise; what’s more, mortgage rates are currently low, which can benefit homebuyers and first-time buyers hoping to get a foot on the property ladder.
Is the appetite still there for buying?
More and more people are on the move as renewed optimism creeps into the market. If you require a building survey Manchester, professionals such as https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Manchester use local RICS surveyors and can advise you as to which type of survey you should have.
Wales has also seen a large increase in house prices in the UK, according to property website Rightmove. It has reported a 2.3 per cent increase over the past month and a 10.9 per cent rise year-on-year.