The north west property market remains one of the strongest in the UK, with buyers and investors attracted to the promise of the region’s thriving towns and cities.
More buyers and sellers are now coming to the UK property market than this time last year, thanks to a more stable and positive outlook in terms of pricing and mortgage rates, with certain parts of the country in particular recording healthy growth.
The north west property market has regularly ranked among the most resilient UK regions in terms of house prices in recent years, showing the strongest growth even during periods of stagnation in the country as a whole. With a high level of tenant demand and a growing jobs market, it remains one of the most popular places to invest.
In the latest research released by Zoopla, the north west ranked among the top places in the country to have seen a revival in buyer demand in February’s figures, compared with the same period last year. Buyer numbers have soared in the first half of the month for north west property, as well as the north east and London.
Overall, buyer demand for UK property has increased by 11% year-on-year, says Zoopla. At the same time, there has been a rise in the number of sellers putting their homes on the market, creating a better balance in the housing sector compared with 2023.
Alongside the north west property space, London and the north east have both seen significant growth in buyer appetite in Zoopla’s figures. For the capital, this is particularly significant as it has largely lagged behind the rest of the UK for seven years in terms of pricing.
A healthy housing market
Often when there is a dip in confidence, as there has been in some areas due to higher borrowing costs and slower price growth, the number of sales agreed begins to fall. This is due to a combination of fewer sellers putting their homes on the market, and cautious buyers being less reluctant to agree a price.
According to Zoopla’s latest report, this particular metric is now moving in a positive direction, with a fifth more homes now for sale than there were this time last year. Buyers now have more properties to choose from, and this has led to an increase in the number of sales agreed across all parts of the UK.
Six regions – including the north west property market – have seen the number of sales agreed increase by more than 10% year-on-year, led by London, the south east and Yorkshire and the Humber.
A healthy housing market is also a fast one, and the time it takes for the average property to sell has shortened slightly from 34 days in 2023 to 33 days so far this year. This is still up significantly on the post-pandemic rush that was still taking place in 2022, when the average home was snapped up within 20 days.
However, it is more in-line with pre-pandemic norms, and there are also wide variations between the regions. For example, north east property sold within 30 days on average in 2023, and north west property went under offer within 31 days. By contrast, London homes sat on the market for 40 days before an offer was accepted.
North west property hotspots
The north west is one of the most popular regions for property investors, from first-time buyers to those looking to diversify their portfolios away from other areas, such as London.
While house prices in the north west are some of the strongest performing at the moment, they also remain below the UK average, which is a benefit for investors seeking to maximise their returns in an improving market. Rental yields are also some of the strongest in the UK, particularly in the city of Liverpool.
Manchester is internationally renowned for its top-class universities and strong economy and jobs market, and these aspects also make the city an obvious choice for buy-to-let landlords. Nearby, the likes of Stockport, Preston and Bolton also offer options away from the main city, at lower price points and sometimes with higher yields.
If you’re interested in investing in north west property, get in touch with BuyAssociation today to discuss our current property investment opportunities.
