As house prices in London flatline, the Midlands and northern cities have seen above average prices increase. This transition to Northern property investment is no secret as we’re starting to witness a real shift in power out of the capital.
Take a look at 2017's top UK locations for property growth, outside of London.
According to the latest index produced by property analysts, Hometrack, House prices in Birmingham has seen the largest rise in annual growth with an increase of 8% - a substantial increase over the UK average of 4.8%. The rate of growth has been consistent over the last year and trending upwards on sustained demand, a lack of homes for sale and attractive affordability.
The Northern powerhouse saw an increase of 7.1%, making Manchester the second fastest growing city. Why? Record low mortgage rates and declining unemployment rates are adhering to the increase in property values, making Manchester an obvious choice for astute property investors.
In third place is Nottingham with an annual increase of 6.9%. Nottingham’s property prices certainly have picked up as a result of affordability being Nottingham’s biggest asset. Named in the UK’s top cities for first-time buyers, Nottingham offers good value for money not just in terms of property prices but also in terms of quality of life and general affordability.
Opportunities for young professional people are helping the northern cities to see the strongest growth and going forward, we can we expect prices to continue to increase over 2017. As households take advantage of low mortgage rates and an improving economic outlook, the growing appeal to venture out of London sees no means of slowing down.
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Guru top tip: Do you have your eyes set firmly on property in London? Do some research on other locations that are performing well outside of London. There are plenty of cities that are now beginning to steal the spotlight away from the capital, boasting major inward investment, low property prices and the promise of capital growth!