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New figures show that the region, which is home to cities including Manchester, looks set to post the strongest 5-year property price growth in the UK.
It’s long been renowned as one of the UK’s high-growth areas for property investment.
And now new data from Savills reveals that, as Britain begins to recover from the COVID-19 pandemic, it will be property prices in north-west England which will lead the price growth recovery over the next five years.
Published in This is Money, Savills has warned that it naturally expects all regions in the UK to see growth plateau in 2020 as a direct impact of coronavirus and lockdown measures.
However, property is of course an investment for those buyers that take a long-term view. Over the next five years, Savills’ baseline projections suggest that average UK property prices could rebound and grow 15.1% by 2024.
When broken down by region, the figures show that north-west England will post the strongest average property price growth in the UK over the next five years. Savills predicts values in 2021 will jump by 8.5% next year and 9% in 2022, with total growth of 24.1% by 2024.
Home to key regional cities including Manchester, global property investors are continually drawn to the increased affordability and strong rental returns of the north-west, compared to the costlier and lower-yielding markets in London and the south-east.
Indeed, Savills only forecasts average five-year property price growth in London of just 4% in comparison.
As a city that has experienced strong economic growth in recent years, coupled with a rising population of young graduates and professionals, property in Manchester has struggled to keep pace with growing buyer and tenant demand.
For investors, this has created a buoyant property market that boasts strong capital and rental returns.
With UK industry beginning to emerge from lockdown, investors should be encouraged by this new price growth data for the north-west, with cities such as Manchester likely to play a key role in the UK’s post-coronavirus recovery.
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