The North West is fast becoming home to one of the biggest hubs of housing activity in the country - and it's not just footballers with money to burn who are powering this growth.
Liverpool is benefiting from its status of European City of Culture even before the official crowning commences in 2008, and Manchester has emerged as the northern capital of commerce and business. Both cities and their surrounding areas are attracting new buyers, which is pushing prices up, albeit at a slightly slower pace than in other areas.
1. The statistics
- Average price of a property in the North West: £134,084
- Monthly change: -0.4%
- Annual change: +6.8%
2. The outlook
- Affordability
Property here is much more affordable than other areas in the country, though Cheshire and some suburbs remain expensive. Prices in the metropolitan district areas are changeable - this month, Oldham experienced the highest monthly and annual price rise; Bury the largest negative monthly price movement.
- Buy-to-let market
Large student populations and cheaper property prices have made investing in property here a wise move in recent years. But rising prices and interest rate rises are making entering the buy-to-let arena more risky.
- Million pound properties
Significant numbers of million pound property sales around Altrincham and Tytherington have ensured that big money transfers are not limited to the South.
According to the Halifax's Colin Kemp, "The North West, in particular, has seen a rise in sales over one million pounds, centred in exclusive villages which are commutable to Manchester."
3. Place to watch
Salford, Manchester. Regeneration has been long overdue in this neglected and rough-around-the-edges suburb of Manchester. The success of the Salford Quays development should guarantee a positive outcome for planned regeneration across the rest of the city.
The housing market by region
Useful links
- Recent property sales - see what's sold in your area
- Average property prices - examine local trends in your area
- Find a property - look for your new home in your area
- Property valuation reports - get an instant home valuation for £19.95
average price, annual % change
- Blackburn: £88,245, +15%
- Blackpool: £111,038, +4.3%
- Bolton: £119,098, +10%
- Bury: £128,419, +6.6%
- Cheshire: £169,927, +5.2%
- Cumbria: £138,999, +8.7%
- Greater Manchester: £126,651, +7.5%
- Lancashire: £131,360, +10.4%
- Liverpool: £124,714, +9.3%
- Manchester: £107,279, +9.5%
- Merseyside: £136,564, +7.9%
- Oldham: £107,013, +10.9%
- Rochdale: £118,630, +3.8%
- Salford: £111,344, +4.6%
- St Helens: £116,181, +1.9%
- Stockport: £165,838, +5.6%
- Stoke-on-Trent: £89,264, +7.5%
- Tameside: £117,991, +7.8%
- Trafford: £203,999, +7%
- Warrington: £158,476, +4.9%
- Wigan:£113,420, +5.4%
- Wirral: £146,902, +9%
Source: Land Registry, May 2007
Kirkby Fan (Knowsley), on 11/04/2008 at 17:21
I live in Kirkby Merseyside the poeple are fantastic the transport links are incredible, the school have dramatically improved in the last 5 yrs. I predict within the next 5-8 yrs, Kirkby will be the place to live. Kirkby had a terrible reputation years ago but this area is now most definatley on the up. So to all those investors I suggest that you Buy! Buy! Buy in Kirkby. There are some fanstic homes to buy. A 4 bedroom detached with a double garage conservatory and parking for at least 6 cars for less than £220,000. Were in the Country would you get that sort of deal.Kirkby town centre is a fantastic place to shop and real good value with it weekly market days (fresh fish , meat and veg) and the railway station which takes you straight into Liverpool Captial of Culture.
Absolutly fantastic!
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