The housing market - the North West

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.

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