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North West and North East Leading the Way in UK House Price Growth

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Recent research into the UK housing market has discovered that areas in the north of the country are currently leading the way in this time of steady growth in the industry. There are various reasons for this, but there’s no doubt that the North West and the North East having benefited from their strong local economies.

Despite other areas in the country enduring slightly slower growth, there are reasons for homeowners looking to sell to be cheerful. That’s because there are plenty of modern options for sellers in today’s market that help them navigate the often complex market.

House Price Trends in the North East and North West

There has been a lot of investment over the last few years in northern areas of the UK, with Manchester and Newcastle having seen a lot of growth in a variety of industries. Indeed, the technology, finance, and education sectors are all booming in these cities, and this is attracting domestic and international talent in search of careers.

Obviously, this has led to a greater demand for housing, and there are plenty of ongoing development projects in these regions. In the latest reports, there has been a 2.3 per cent growth in house prices in the North East in the first quarter of 2024. The North West saw a 1.6 per cent increase in the same period.

A couple of other factors have led to these areas taking the lead in the UK housing market. For instance, government incentives aimed at boosting infrastructure have made them more attractive for new residents. The rise in rental rates has also persuaded more people to buy rather than rent.

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Options For Sellers When Sales Fall Through

The housing market is getting easier for sellers to navigate in the modern age, thanks to the plethora of options they have available to them online. The fact that selling is now a straightforward process is helping the industry grow at a steady rate. In the past, house sales falling through and other similar problems were a hindrance to the sector. Now, it’s simpler to deal with these issues.

In fact, there are specialist sites that assist people in selling their homes after a house sale has fallen through. This can be a frustrating occurrence for sellers, but it’s now easy to get a free cash offer on your property within a matter of minutes. Because of this convenience, more people can sell their properties and seek moves to their dream homes elsewhere.

Looking into the future, it seems that the North East and the North West are poised to continue their growth trajectories. With falling inflation and potential interest rate cuts in the second half of 2024, market confidence and affordability are likely to increase.

The housing market has been challenging over the last few years, but the North East and North West regions of England provide reasons to be positive. These areas are now leading the way for growth and setting an example for others to follow.

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