North West England – the latest market news and developments
28 Nov 2019
As a property seller or buy-to-let landlord, it pays to have a good grasp of the local market.
Knowing the average house prices, how developments are impacting the area and what property types are most popular, for example, can help to determine how much you sell your home for or how much you can charge in rent.
With this in mind, we take a closer look at the current property landscape in the top three locations in the north west.
More housing possibilities for Manchester
Situated in the heart of the Northern Powerhouse, Manchester has seen house prices rise by 3.83% in the last 12 months and 17% since 2016 when they averaged at £170,000, according to Rightmove data.
The city is home to numerous innovative developments and an impressive level of investment, both of which are set to further boost the desirability of the area.
One of them being the iconic gas holders in east Manchester which could make way for housing. Located just behind Manchester’s Etihad Stadium, the huge iron structures dominate the skyline, and have recently been earmarked for future development.
Although no plans have been announced as of yet, its potential for new homes have been hinted, with the owners saying they would want to work with local authorities and housing developers. They are now appealing for interested parties to get in touch with them.
With developments like these in the works, and plans for the HS2 still underway, demand for residential properties, especially in the rental market, is expected to increase significantly.
Liverpool is the ideal location for investors
Another contender for one of the most lucrative areas in North West England, Liverpool remains one of the top investment destinations thanks to its developments, career opportunities and rising tenant demand.
It’s currently one of the highest-performing buy-to-let hotspots in the UK, with the postcodes L7 and L1 regularly achieving respective yields of 8.2% and 8%.
The average price of property here stands at £170,000 – a rise of 2.19% since last year and an increase of 11% since 2015, according to Zoopla. The majority of sales during the last year were terraced properties, followed by semi-detached properties and flats.
Regeneration appears to be having a positive impact on demand for the rental market. Liverpool’s city centre is set to be transformed over the next 15 years, and the £5 billion Liverpool Waters regeneration scheme is currently in the works.
And, with the council’s ‘Liverpool Local Plan’ aiming to deliver 35,000 new homes in the future, it’s no surprise that the city appeared in SevenCapital’s list of top locations to invest in UK property for 2020.
With these projects currently underway, more people, jobs and investment are expected to come to the city, so landlords would do well to keep their eye on Liverpool.
Why are people moving to Blackpool?
Located in the Lancashire coast of North West England with an estimated population of over 150,000, Blackpool remains one of the most popular British holiday destinations.
Known for the famous Blackpool Pleasure Beach and the landmark Blackpool Tower, the town welcomes over six million tourists each year. In fact, it’s anticipating more visitors over the next few years, with proposals coming forward to transform Blackpool’s Grade II listed former main Post Office into a 102-bedroom hotel.
Other than the sandy beaches, visitors can enjoy the buzzing nightlife – where they’ll witness a lot of stag and hen parties – and the Opera House & Winter Gardens for entertainment.
The seaside resort is home to a plethora of restaurants and bars. The Blackpool Fish Factory offers traditional fish and chips in the heart of the town’s Golden Mile, while the Marsh Mill Tavern serves hearty pub food classics.
The property scene continues to thrive in Blackpool. The average price for property here currently stands at £120,000 – a rise of 2.5% since last year. With stylish new build homes coming to the forefront, many of which are for sale on a Shared Ownership basis, promises of perfect seaside living are beginning to attract older buyers.
Here at Online Estate Agents, we have the knowledge and expertise to help you sell your home efficiently and effectively. For more information on our services, please contact us on 0330 1244 786 or at firstname.lastname@example.org.
You can also request a valuation on our website to see how much your home could be worth on the current market.
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