North-West house price growth forecast to outstrip the rest of the UK

North-West house price growth forecast to outstrip the rest of the UK

New forecasts from Savills, the global real estate giant, suggest that house price growth in the north-west of England will significantly outstrip the UK average from now until 2023.

Whilst average property values across the UK are set to rise by 14.8% over this period, the north-west is predicted to grow by a staggering 21.6%. Savills also predict that the Midlands and Scotland will enjoy strong growth and high levels of capital appreciation.

Conversely, in London, house price growth in the capital is forecast to slow to 4.5% between now and 2023 as ongoing Brexit negotiations, interest rate rises and increasing costs continue to impact on the market.

In light of this, the message from Savills appears to be load and clear. If you’re looking for strong rental yields and attractive capital appreciation, then the north-west is the place to head.

Commenting on the figures, Lucian Cook, Head of Residential Research at Savills, said: “Until the market sees a significant injection of build-to-rent stock, rental demand will outstrip supply and rents will rise. Investor buyers requiring borrowing are expected to focus on higher yielding markets and this will put further upwards pressure on rents in some of the most expensive rental locations.”

To find out more about investment opportunities in the north-west of England, please get in touch.