Northern cities to see biggest house price rise
Manchester and Leeds will see the most dramatic increase in property prices rises over the next five years
Research released this month has found that cities in the north of England are attracting an influx of graduates and those looking to relocate resulting in the area becoming a highly desirable place to live and work. It’s also believed that the affordable property prices are also encouraging more residents to move into the area.
Manchester is expected to see the biggest change to its house prices. The city has already experienced phenomenal growth over the last several years due to the major regeneration of Salford Quays and MediaCityUK. Families and young professionals have settled into the area and have heightened growth prospects. Other northern cities have witnessed a similar growth, particularly in Leeds where a large student population exists and many graduates continue to reside.
The study also forecasts average house prices to rise by 5% across the whole of the UK during 2016, while the next five years will see a total price increase of 22.8%. London is predicted to see the lowest price increase out of all major cities in the UK, with a 17% house price rise predicted by 2020 but an average house price increase of just 1% over the next 12 months.
Comments from Sequre
Graham Davidson, managing director of Sequre Property Investment, comments on the rise of the northern property market –
“Affordable property, good local amenities and transport links have played a huge part in the rise of the northern cities, with a strong government focus on the Northern Powerhouse. This vision alone has increased demand for property across all areas involved. Manchester is certainly leading the way in terms of positive changes for the economy, and other cities such as Leeds are also becoming more attractive to the average property hunter.”
“Over the past several years, buyers, tenants and investors have slowly moved away from London into northern cities. As average prices in the capital have now reached their millions, this has served as a ‘breaking point’ for many tenants and buyers alike. The same applies to investors who have struggled to obtain decent returns as a direct result of unsustainable house prices. In terms of investment, there is no question that the future lies in the north.”
We have a wide range of buy to let developments in the north of England boasting both strong yields and the potential for capital growth. We have relationships with receivers, banks, developers and house builders which allows us to source tenanted, off-market properties at exclusive discounted prices.