You may ask yourself why we’re specifically writing about hotspots in the North West, however, the area has dominated property league tables for so long now that it felt right to purely focus on this area of the country.
Areas such as Manchester, Liverpool, Preston and Blackpool have seen house prices rising steeply over the past five years or so and this is thanks in many ways to the much lower cost of living compared to many areas in the south, especially London.
There has appeared to be an emerging trend recently of an increasing number of people looking to make the move up north and this has been emphasised by many making the change to working from home post-pandemic.
With many now in a position to either work from home or only go into the office sparingly, it’s become much easier to live further away from work. Similarly, due to booming local economies, many students are deciding to stay in northern cities after university due to better employment opportunities.
Which are the best places in the North West to buy property?
The UK’s biggest mortgage lender, Halifax, regularly undertakes research on rising and falling house prices, demand and attitudes to particular areas.
In their most recent research they sought to find the areas which saw the fastest rising house prices year-on-year.
The north, as we say, dominated the list, so here are the top three areas in the North West for rising property prices.
1. Rochdale
Located in the Greater Manchester area, Rochdale has a population of 107,000 and is quickly making its way up the lists of most people’s desired places to live. Property prices in the area rose a huge 18.5% year-on-year.
2. Bolton
Another area of Greater Manchester, Bolton might be remembered by many for Peter Kay and his famous Phoenix Nights, but recently it’s becoming one of the most attractive investment areas in the country, seeing prices rise by a huge 16.9% since last year.
3. Wirral
Located in the Liverpool area, but outside the city limits, Wirral is quickly becoming a very desirable place to live thanks to a bustling local economy, stunning scenery and proximity to the exciting metropolitan city of Liverpool. Attracting investors is the 14.5% house price rise in property.
The North West has certainly become one of the most popular choices for property investors not just because of rising property values but also huge rises in demand and, subsequently, rental growth too.
Property investment is one of the most popular investment classes not just because it offers good returns on the value of the asset, but also a passive income too, and properties in the North West certainly offer both.
If you’re considering investing in the North West then why not get in touch with one of our experts?
