In the Residential Property Forecasts for Spring 2021, Savills forecasts the North West of England to lead mainstream property price growth in the UK over the next five years. The region is slated for short- and long-term property price rises as demand continues to rise in the region.
Despite the current pandemic, the year 2020 was a busy for the UK property market. Prices increased by an impressive 7.3%. And the UK’s housing sector is continuing to show its strength and resilience even during adversity.
Savills believes the East of England, South East and South West will see the strongest house price growth in 2021 with a rise of 5%. However, the North West, Midlands and Yorkshire are forecast to follow closely behind with 4.5% growth. And these regions are expected to lead the way in the coming years.
The North West in particular is expected to see especially strong house price growth over the next few years. Savills forecasts house prices to rise in the region by 6% in 2022, 5.5% in 2023 and 2024 and 4.5% in 2025. This adds up to a whopping 28.8% rise across the five years to 2025.
This is predicted to be the most substantial house price growth across the UK. And at the same time, London is forecast to only see a 12.6% rise in house prices, which is well below the UK average.
The North West is slated for strong investment and development in the coming years. This, paired with the government’s plan of levelling-up the UK, will bring forward more investment in infrastructure to the region.
The North West has been home to a thriving property market in recent years. And since the announcement of the stamp duty holiday in July 2020, the North West saw particularly strong demand and house price increases. In December 2020, house price growth reached a decade-high in the North West with a 5.4% rise year-on-year, according to real estate company, Zoopla.
This strong house price growth slated for the North West is expected to hit Manchester. According to Zoopla’s latest House Price Index, Manchester saw the second strongest annual house price growth out of UK cities with a 6.3% year-on-year increase in January 2021.
This growth and demand is making it an especially exciting time to buy property and invest in Manchester. And with a number of exciting high-quality residential property developments being brought forward in the city, this will help keep up with the growing demand.
At Salboy, we have a number of property developments available across Manchester. If you are interested in buying a property in this growing city, contact us for more information or free brochure.
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