The north of England continues to show its true investment potential, with property prices in the North West growing faster than anywhere else across the country. Data from Rightmove has indicated that prices and popularity across the region show no signs of slowing as we approach the end of 2023.
The average asking price for a property in the North West increased by 0.9% between September and October, exceeding the 0.5% average for the UK, according to Rightmove data. In comparison to the national average, property values in the region have climbed by a significant 1.8% year on year.
The north west offers affordability when compared to other regions of the nation, in addition to excelling in terms of price growth. With an average price of £256,275, this area is becoming more and more appealing to both investors and homeowners. For those looking for affordable homes with significant capital appreciation potential, the north west offers an enticing possibility.
It's important to note that this is happening in tandem with rapid rental growth and high tenant demand, which is raising yields. When it comes to property investing, yields, which are one of the most important indicators of profitability are also raised by rentals rising more quickly than property values.
If you would like to know more about investing in UK property, speak to a member if the Elavace team today.