{"id":21843,"date":"2018-11-02T11:12:45","date_gmt":"2018-11-02T11:12:45","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=21843"},"modified":"2023-10-10T11:09:33","modified_gmt":"2023-10-10T10:09:33","slug":"north-of-england-and-west-midlands-house-prices-set-to-keep-growing","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/11\/02\/north-of-england-and-west-midlands-house-prices-set-to-keep-growing\/","title":{"rendered":"North of England and West Midlands house prices set to keep growing"},"content":{"rendered":"

House prices in the north-west of England are set for a long period of strong growth according to a new report from Savills.<\/strong><\/p>\n

It is predicted that values in the region will go up by 21.6% over the next five years, the highest figure for the UK. In London, by contrast, they are estimated to rise only by 4.5% in the same period. The West Midlands is also tipped to perform well, with a growth rate of 19.3% in the Residential Property Forecast<\/em>.<\/a><\/p>\n

Overall, prices are expected to rise nationally by 14.8% between 2019 and 2023, taking the average value of a property to just over \u00a3248,000.<\/p>\n

The report identifies Britain\u2019s departure from the EU next March as a key factor in the current conditions. \u201cBrexit angst is a major factor for market sentiment right now, particularly in London,\u201d says Lucian Cook, Savills head of residential research.<\/p>\n

\u201cBut, it\u2019s the legacy of the global financial crisis \u2013 mortgage regulation in particular \u2013 combined with gradually rising interest rates that will really shape the market over the longer term. That legacy will limit house price growth, but it should also protect the market from a correction.\u201d<\/p><\/blockquote>\n

The report does sound a note of warning over the uncertainty of what kind of Brexit deal the UK will have, and its impact on the property market. \u201cThe sooner a deal is struck, the more certainty it will bring to the market. The more prolonged this period of uncertainty, the greater the chance that current market malaise will spread beyond London and the South East.\u201d<\/p>\n

Savills\u2019 findings tally with several positive recent assessments of the market in the north-west and Birmingham.<\/p>\n