The pandemic has turned the property market on its head, with house prices and the demand for properties in the north of the country, seeing the biggest increase, compared to a quieter market in London and the surrounding areas.
North of England
Despite the end of the stamp duty incentive that was introduced by the chancellor to support the housing market during the pandemic, house sales are still being secured on average within a month in the north of England and as there is a lack of new properties coming onto the market, this is expected to continue for the foreseeable future.
Liverpool
The north of England is one of the areas which is leading the way when it comes to housing market activity and in particular the north west, with Liverpool being one of the key areas in 2021. Liverpool has also enjoyed lots of property investment and the average house price has risen by nearly 10% in the past year.
Manchester
Manchester is also seeing price rises and property owners have seen their home rise in value by 8.1% since September 2020. However, as the cost of housing is still below the average for the UK, this makes Manchester a great place for anyone wishing to buy their first home, including professionals who are thinking of giving up the London lifestyle but still want the buzz of the city. Manchester is also an area popular with buyers in the ‘buy to let’ market and has a high student population so the demand for properties to rent is also high.
Sam Conveyancing offer home buyers survey Manchester for anyone looking to buy in the city and surrounding areas. Last year over 5,000 new homes were built in Manchester and it was recently ranked as one of the best places to live in the world, making owning a property in the city a very attractive proposition. Manchester is also encouraging first time buyers with incentives and opportunities to get on the property ladder by introducing a shared ownership scheme aimed at young professionals and young families. The scheme allows buyers to own a percentage of the house they can afford and rent the remainder.
Sheffield
Sheffield is also performing well and as the city is currently undergoing a regeneration project, anyone buying property in the area is hoping to see their investment increase and the area is become a popular choice for anyone looking to relocate to the north.
If you are looking to buy a new home, consider buying in an area which is on the up. This way you will be investing your money wisely, as well as moving to an area that is thriving.