House prices in Manchester and Liverpool could outstrip the rest of the UK by Christmas, research suggests.
Homeowners in the two northern cities could see their properties become some of the most profitable in the UK, while properties for sale in London and the South experience a slump.
Thanks to countless job opportunities, strong transport links and popular schools, it’s no surprise homebuyers are flocking to Manchester and Liverpool.
Despite tremendous growth in the North, London prices still tower over other parts of the UK. As a result, many homeowners may see northern cities as greater value for money.
In turn, the demand for properties in the North seems to be driving up house prices. While this is bad news for first time buyers wishing to get a foot on the ladder, homeowners are likely to welcome the news that property values are increasing.
Last month we wrote about how the housing market is experiencing an unusual north/south flip due to slow growth in London.
According to a report from HomeTrack, growth in the capital followed a downward trend. The city saw just a 2.5% property rise over the course of a year and saw a 1% decline in the month of July.
Ged McPartlin of Ascend Properties warns: “We still have a huge issue with supply and demand which is just one of the main contributors to the rising house prices.”
“Deposit raising and affordability issues continue to be a barrier for most aspiring home owners, followed closely by a shortage of available properties on the market.”
With the Bank of England increasing the base rate to 0.5% earlier this month, it may take a few months before mortgage approval figures are available to show what impact this change has had on the market.
