In recent months, rumours have abounded that the property market might be starting to slow down and ‘level out’ after its resurgence of the past couple of years. The latest figures from Rightmove, however, suggest otherwise, showing that in North West England, property prices continue to grow steadily.
In June, the average house price in the North West rose by 1.2%, month-on-month. The annual rise stands at 2.2%. The price of an average house in the region is now a healthy £176,067.
These figures are excellent news for investors in the area, indicating that bricks and mortar are a safe bet when it comes to making one’s money grow.
The news was less positive for the North East and Wales, both of which have seen property prices fall in the last month and year-on-year.
In general, however, property continues to gain currency in the UK, with all other areas of the country experiencing growth over the last year. Indeed, the national average ‘For Sale’ price is now at an all-time high of £294,351 – a rise of £8,460 (or 3%) since the previous month.
Experts believe that the surprise General Election result has led to this positive news, with the Conservatives’ majority instilling confidence due to the apparent stability of the Government and the economy.
Another reason for these rising prices might be the supply and demand problem being faced by the industry; Rightmove found that 8.5% fewer properties are coming to market at present than at the same time last year. Such a lack of supply can push up prices as buyers battle for their favourite properties. It also suggests that more new-build properties are needed to meet the desire for homeownership in the UK.
Are you looking to invest in Manchester property? Take a look at our ‘For Sale’ pages to find out what’s on offer!
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