{"id":1022456,"date":"2019-01-04T10:41:00","date_gmt":"2019-01-04T10:41:00","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=1022456"},"modified":"2019-01-04T10:41:00","modified_gmt":"2019-01-04T10:41:00","slug":"north-west-of-england-to-buck-national-trend-in-2019","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2019\/01\/04\/north-west-of-england-to-buck-national-trend-in-2019\/","title":{"rendered":"North West of England to buck national trend in 2019"},"content":{"rendered":"

Property prices in the north-west of England are expected to outperform the overall national picture in 2019, according to a leading industry expert.<\/strong><\/p>\n

Lucian Cook, Head of Research at Savills, told BBC Breakfast that prices in the region are forecast to rise by 3% this year, whereas in the UK as a whole they will only go up by an estimated 1.5%. And he also predicted that the recent contraction of the London market can be expected to continue.<\/p>\n

\u201cI suspect there will be a continuation of existing patterns,\u201d Mr Cook told BBC Breakfast. \u201cThe lead indicators from places like the Royal Institute for Chartered Surveyors suggest new buyer enquiries will continue to fall. They suggest the first quarter will see real uncertainty over whether or not we get a deal on Brexit. Things are going to be very price sensitive with a needs-based market, with fewer people out there to buy.<\/p>\n

\u201cAfter that, we could see a bit of a bounce assuming we get a deal on Brexit but it is not going to be significant with total house price growth of 1.5%. It will be weakest in London, where we think it might fall by about 2% – not dramatic, but the continuation of the sort of performance we have seen.<\/p>\n

\u201cIn the north-west, where we have a bit more capacity and\u00a0 more ability to borrow relative to income to take advantage of existing low interest rates, prices to rise by 3% this year. But forecasting is not easy in the current circumstances.\u201d<\/p><\/blockquote>\n

NW to keep up good work from last year?<\/h4>\n

Savills’ forecast for the NW in 2019 follow on from other indicators showing a strong performance by the region in 2018. Home\u2019s recent Asking Price survey<\/a> showed prices rising by 4.8% in the year to December, while both Manchester<\/a> and Liverpool<\/a> continue to attract investment and people willing to relocate in or near the cities.<\/p>\n

The north-west\u2019s success is not limited to these two big hitters, with Preston<\/a> recently named as \u2018Britain\u2019s most improved city\u2019 by Pricewaterhouse Coopers. The city is within commuting reach of Manchester and Liverpool, but has a strong economy thanks to its University and big local employers like BAE Systems.<\/p>\n

First-time buyer numbers are up<\/h4>\n

Elsewhere in the property market, Savills predict it will remain difficult \u2013 but far from impossible \u2013 for first-time buyers to get on to the ladder in 2019.<\/p>\n

\u201cIt won\u2019t change substantially, your deposit requirements will stay high,\u201d added Mr Cook. \u201cIn London, that is close \u00a3100k, across the country it\u2019s about \u00a327k so it is quite difficult to get on the ladder.<\/p>\n

\u201cBut the numbers are up because of Help to Buy<\/a>, which will last till 2023,<\/a> and the Bank of Mum and Dad<\/a> has come to the rescue to slightly fill that gap in terms of the deposit needed.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Property prices in the north-west of England are expected to outperform the overall national picture in 2019, according to a leading industry expert. Lucian Cook, Head of Research at Savills, told BBC Breakfast that prices in the region are forecast to rise by 3% this year, whereas in the UK as a whole they will… Read more »<\/a><\/p>\n","protected":false},"author":3875,"featured_media":21163,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[12,42,6],"tags":[341,97,49],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/1022456"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/3875"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=1022456"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/1022456\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/21163"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=1022456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=1022456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=1022456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}