The UK’s Property Hotspots in the North-West
Wallasey saw the biggest increase in asking prices of any place in the UK in the year to April 2021, in a top ten list dominated by locations in the North West. Average asking prices for homes in the town in Merseyside rose by 15.6 per cent annually, or nearly £24,000, reaching £176,707 and one in three properties sold within a week, according to research by property portal Rightmove.
Following up closely was Leigh in Greater Manchester, where asking prices soared by nearly 13 per cent or over £18,000, to £160,345. Seven out of the top ten highest risers were all locations in the North West, with the only exceptions being Penzance in Cornwall, Wednesbury in the West Midlands and Burntwood in Staffordshire.
According to Thirlmere Deacon, the North West and North East offer investors the prospects for great yields and excellent capital appreciation.
Stuart Williams, director of Thirlmere Deacon commented: “Many of the Northern Powerhouse towns and cities are enjoying strong economic growth, rising property prices and a surge in interest from property investors. Take Sheffield for an example, located just across the Peak District National Park from Manchester, and similarly to its northern neighbours is creating large numbers of jobs, renewing its urban centre and setting itself some very ambitious targets for the coming years.”
He added: “However, timing plays an important role in property investment. Those investors who see the greatest success will have secured a property at an optimum time. Sometimes as little as six months can make tens of thousands of pounds difference to overall profit. Often those investors who see the most impressive capital growth from a property will have committed to the purchase off plan, during its earliest stages before it has been built.