North West England is leading the housing boom with prices up 15%


Manchester

North West England recorded a surge in home prices

House prices rose sharply across the UK, with house prices rising more than 15% in the year to May in northwest England.

Real estate prices have also risen sharply in Scotland, Wales and northeastern England, according to official figures.

According to the National Bureau of Statistics (ONS), the average UK home price in May was £ 255,000.

This was £ 23,000 more than the normal value a year ago. The 10% rise was the fastest rate in 14 years.

Detached homes and terraced homes recorded the largest price increases, according to data from HM Land Registry in England and Wales.

Realtors have reported huge demand from real estate buyers over the past year.

This was taken up when many buyers wanted to complete their purchase before the stamp duty holiday ended. In May, tax incentives continued in England, Northern Ireland and Wales.

House price increase rate

House price increase rate

But that is not the only explanation for price increases. The Scottish property tax cut was withdrawn at the end of March.

Changing people’s priorities as a result of a pandemic means they are looking for a larger home to live and work in.

The lack of housing on the market to meet demand also contributes to higher prices. The majority of members of the Royal Chartered Surveyor Association (RICS) believe that prices will continue to rise next year for that reason.

Katie Cave, director of mortgage broker Clearpoint Finance, said:

“Demand was as rampant as supply was weak and prices soared.”

House price

House price

UK home prices rose 10% in the year to May, according to ONS.

The northwest is the region with the highest annual rate of increase in home prices, with average prices rising 15.2%.

Wales (up 13.3%), Scotland (up 12.1%) and northeastern England (up 11.8%) also saw significant gains.

On the other side of the scale, London recorded the slowest real estate price rise of 5.2%.

How have home prices changed in your area?

How have home prices changed in your area?

Ged McPartlin, Managing Director of Ascend Properties, said:

“This sharp rise in prices should inevitably slow down at some point, but as northern buyers continue to benefit from much more affordable markets, with or without the benefits of stamp duty, real estate This major difference in pedigree is expected to remain. “

In Wales, terraced house prices rose 15.2% over the same period.

This was the fastest rise of any type of property, reflected in the UK, where the value of terraced houses rose 11.2%.

This was followed by a 14% increase in the cost of single-family homes in Wales and an 11% increase in the United Kingdom.

Properties with gardens are popular with buyers looking for space inside and outside the home.

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