The north is currently leading the surge in new records for price whilst the south, and particularly London has stood still with their house prices. However, house prices in North West England are looking a little different.
Jump in the North
Average house prices in the north and Wales have jumped by 1.8% to the neighbourhood of a third of a million pounds. On average, London house prices are 2.9 times higher than those within the north, and whilst this is still a large number, it stands as the smallest ratio since 2013.
Throughout the 2020s lockdown period, the north saw increases within the double digits whilst London stayed at its +0.2% price, which is large in part due to the desire to change up surroundings to suit people’s needs that were highlighted during the pandemic.
North Over South
This new national record for price on property coming to market is focusing around the demand exceeding the supply for northern regions. London previously led the market but has seen its standstill come in the form of the capital’s rise in property price since before the lockdown.
The mini-boom of 2020 is strongly sailing into 2021 with many predictions for the market activity being defied. Whilst buyer affordability is being continuously stretched, there are signs of reinforcement with many buyers squeezing into higher price bands.
Higher Interest in Rural
People are willing to pay more to get the ideal lifestyle within their home environment, especially highlighted by the covid-19 pandemic. As many people start to desire a shift away from city living and finding more rural areas to occupy, this has seen the increase in people looking to buy property in Stockport as well as begin the research into how to sell a house in the city areas.
The increase of stability within the market seems to not fear the imminent stamp duty holiday end, with a focus on three to four-bedroom homes in the northwest being a highly sought market.
Seeking New Comforts
As working from home culture has taken a great focus over the last year, many homeowners and prospective buyers seek what the northwest has to offer in terms of lifestyle, comfort and location. Many Stockport and Manchester properties are seeing bids and sales within weeks with buyer demand seeing no sign of abating. An impending new wave of vaccinated homeowners feeling more confident in listing their homes and levelling up the playing field is sure to create even more frenzy in the move and buy status in the northwest.
To get the home you want in the area that sees increasing interest for the property, or to get property advice from estate agents in Stockport, contact the team at Joules today for more information about house prices in North West England.