Now is the time for homebuyers in the North to purchase, with a report finding that property values are set to increase over the next five years within the region.
Estate agent Savills has undertaken research and found that from 2019 to 2024, UK prices will rise in line with the average income rates and the North-South divide in house prices is set to narrow over the period, with prices set to go up in northern England and Scotland.
Increases in the North
Over the next five years, all the key regions within the North are expected to see property values increase substantially. According to the research, Yorkshire and the Humber will see an increase of 20.5 per cent, whilst the North East and Scotland will also see increases of 17.6 per cent and 18.2 per cent respectively.
Commenting on the research, Lucian Cook, head of residential research at Savills, said that these predicted large rises in the North were due to the region recovering slower from the financial crisis than London has.
It has been predicted that on a UK-wide scale, the average house price will rise by 14.8 per cent from 2019 to 2024 – this would add around £32,000 to the average value of a property, taking it up to £248,086.
The slowest rise is set to be in London, where house prices have risen by an astounding 72 per cent over the last decade. Savills report suggests the prices within the capital increase will have increased by 4.5 per cent come 2024.
As recently reported, the number of houses for sale on the market has been at its lowest point in recent records across September 2018, with many homeowners choosing to stay put, rather than make a move on the property ladder.
What does this mean for the housing market in the North?
The announcement on the narrowing of the North/South divide on house prices means now is the perfect time for those homebuyers in northern England to purchase their next property.
With the value of houses set to increase within the region, purchasing a new home in the current market conditions would also be a fantastic investment opportunity for any individual. Increases have been predicted as high as over 20 per cent in some areas, so the potential to make a serious return on the property is a lucrative proposition.
At Avant Homes, we pride ourselves on being the housebuilder of the North and are committed to helping develop the region’s housing market. Our aim is to build more houses for people in the areas it’s needed, and it’s excellent to see the North go from strength to strength in the coming years for the benefit of homebuyers.