Eight of the top 10 places with the strongest property price increases during 2019 were towns located in the north-west of England.
Research from Halifax revealed the north had the largest house price growth during the past year, while prices dipped in the south. The north-west featured eight of the top 10 areas with the most significant house price rises.
Billingham, a town in the north-east, was home to the largest growth with the average price increasing by 12.3%. Ilkeston, a town in the East Midlands, saw prices rise by 9.1%. The following eight places were exclusively towns in the north-west, including Sale, Wilmslow, Blackburn, Bolton, Burnley, Chorley, Bootle and Southport. House prices in each of these towns boasted a 6% rise or more.
The north-west is also forecast to see the highest increase in prices over the next five years, according to the latest Residential Property Forecasts published by Savills. With exciting new developments and investment in the pipeline across the north-west, the region is expected to remain a popular property investment hotspot for investors.
Russell Galley, managing director of Halifax, stated: “In an interesting twist, this year’s tables show that the North of the country has witnessed the biggest increases in average house prices, while the South has seen prices dip most significantly. This bucks the trend we’ve seen in recent years and marks a small step towards achieving more balance in average regional house prices.”
The benefits of investing in northern towns
As numerous towns across the north are home to higher yields and capital appreciation, investing in peripheral towns outside large cities can be a useful property investment strategy. This can be especially lucrative as the towns often have lower entry prices than their larger counterparts.
Additionally, the government has recently announced plans to regenerate 45 towns in the north through the Future High Streets Fund. This will regenerate town centres, boost local business and improve infrastructure, while benefiting the local property markets. Looking for future investment prospects of a location, like the towns picked to receive this funding, is a prime way of finding an area that’s likely set for population growth and house price increases.
Investing in Bolton
As one of the towns chosen to receive money from the government through the high street fund and also having seen a 6.5% rise in house prices during 2019, Bolton is an important commuter town for Manchester with a plethora of property investment opportunities.
Set to see much regeneration and development during 2020 and the coming years, Bolton also has a £1bn masterplan in the works, which will transform the town centre. The proposals include the creation of thousands of job opportunities and new homes and will generate economic activity worth an additional £412m.
With more growth coming to Bolton during the next year, property investors are expected to become even more interested in this thriving town. If you’re interested in investing in Bolton, check out Stone Cross House, a property investment opportunity with BuyAssociation in the heart of the Church Wharf regeneration area.