Towns and cities in the north-west leading UK house price growth

 

The north-west is leading house price growth on a regional and city level. Here are some of the top-performing towns and cities in the region that buy-to-let investors could look at targeting.

The average UK house price has hit £230,700, according to Zoopla’s House Price Index for June 2021. This is a new high and 30% more than the previous market peak in 2007. House prices are being driven up by a mismatch between surging demand from potential buyers and the number of homes for sales.

Gráinne Gilmore, head of research at Zoopla, says: “Demand is moderating from record high levels earlier in the year, but remains significantly up from typical levels, signalling that above average activity levels will continue in the coming months.”

North-west remains top property hotspot

At a regional level in England, house price growth was the highest in the north-west. The average house price for the region has increased by an impressive 7.3% within the the past year.

The region has had a particularly busy year in the property market, despite the uncertainty that came with the COVID-19 pandemic. In the coming months and years, house price growth is expected to remain strong.

Rochdale

A large town in Greater Manchester, Rochdale is registering annual house price growth of more than 9%. The town is leading towns and cities in the UK and has even recently been named one of the top up-and-coming property hotspots by property website Boomin.

According to data from Rightmove, Rochdale is also a top rental hotspot. The average asking rent per month has grown from £713 in June 2020 to £947 in June 2021. This is a whopping 32.7% annual change, which is the biggest rent rise in Great Britain.

Bolton

Another large town in Greater Manchester, Bolton is located only 10 miles from the Northern Powerhouse city. Bolton is becoming a hotspot for commuters and young professionals, in addition to property investors looking for opportunities away from the major cities.

Bolton has also seen house prices increase by over 9% annually. Additionally, there are above average rental yields of about 5% and higher. Over the next decade, an £1bn regeneration scheme will transform the town. Because of this, prospects are only expected to improve in the coming years. This makes it a key location for property investors and homebuyers.

Liverpool

In Zoopla’s index of the UK’s larger cities, Liverpool leads the way in annual house price growth with an 8.9% rise. The average house price in the city still remains low with £133,500, which is nearly £100,000 less than the UK average.

On top of that, Liverpool often records the highest rental yields in the UK, making it one of the best locations for buy-to-let investors to target. Certain postcodes in the city are even home to average yields over 10%.

Manchester

Manchester comes in third out of the UK’s 20 larger cities tracked by Zoopla. The Northern Powerhouse city recorded a 7.4% increase in annual house prices in the past year. Following this growth, the average property price now sits at £188,900.

As a whole, Greater Manchester has become a top property hotspot. This area is providing exciting property investment opportunities for investors looking to buy in a major city or in peripheral towns.

BuyAssociation has a range of investment opportunities in the north-west of England. Become a member for free to gain first access to our best deals.

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Towns and cities in the north-west leading UK house price growth

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