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Average North West Property Prices Rise By 2.1%

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    Average House Price Up By 0.7% in August

    Zoopla’s latest House Price Index, covering data from August, gives a positive picture for the UK property market moving forward.

    According to Zoopla’s data, the average UK house price stood at £267,100 as of August. This is a year-on-year increase of 0.7%, or £1970 in cash terms.

    Looking at the promising start to 2024, and the continued signs of recovery observed in the market, Zoopla predicts that the average UK house price is set to rise by 2.5% by the end of the year.

    2023 was characterised as a challenging year for the UK property market, but signs of recovery have been promising throughout the year, with many experts reassessing their original gloomy predictions for the year to more optimistic ones. Earlier this year, Savills upgraded their 5-year UK capital growth forecast from 17.9% to 21.6%, with some regions predicted to outdo this average. North West topped the table with a forecast of 28.8% growth by 2028.

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      North West Boasts Highest Regional Price Growth in England

      Overall, the UK property market has seen annual positive growth of 0.7%. However, inflation varies greatly from region to region. The north-south divide is still having an impact, with northern property markets performing better than those in the south.

      Affordability remains a constraint on house price growth in southern England where home values are already high. The South West, South East, and East of England have all registered price dips in August.

      The English region with the highest property price growth is the North West with 2.1% year-on-year. Manchester (2.3%) and Liverpool (2.0%) also top the rankings when it comes to yearly price growth in English cities.

      West One is our latest new-build development available for investment, with prices from £199,950 and a prime location in one of Greater Manchester’s fastest growing areas. This new Manchester project is set to benefit from the region’s strongly-performing property market, with investors benefiting from enhanced capital growth alongside projected 6% annual NET rental returns.

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      Annual Double-Digit Growth in Key Sales Activity Measures

      Lower mortgage rates following the Base Rate cut has given a boost to sales market activity. Zoopla notes that property buyers are benefitting from the lowest average mortgage rates for 15 months, driving double-digit growth in all key measures of sales activity.

      Homebuyer demand is up 26% compared to the same time last year. The number of sales agreed is 25% higher than last year and Zoopla puts this down to households that have held off moving for the last 2 years finally entering the market amid more favourable conditions.

      The flow of new supply is up 16% annually, and available stock of homes for sales has increased by 12%.

      If you’re interested in learning more about our North West properties, such as West One, take a look at some of our property listings.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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