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A new report has revealed that properties in the Midlands and Northern half of England are experiencing a boost in prices – with some seeing up to 17% in profit growth.
Of the 20 UK cities which the multinational bank investigated, the top five postcodes where property sales appear to be flourishing are:
According to the report, the town of Ladywood in Birmingham has experienced a 17% growth in sales over the last year – after the average house price jumped from £147,121 to £171,498. Property experts believe that the surge in prices is due to the HS2 rail project the building of a new ‘super hospital’, which has led to an influx of young professional buyers and investors.
The next most profitable postcode for growth is Holyrood in Edinburgh – home to the Palace of Holyroodhouse and the official residence of the Scottish parliament. The area has seen average house prices grow 14% over the past 12 months, jumping from £325,595 to £372,592.
Property prices in Glasgow’s Finnieston, which was recently coined the ‘hippest place to live’ in the UK, also shot up by 14% over this period – having risen from £161,454 to £183,298. This boost in figures is due to a growth in job opportunities, combined with the affordability of the area.
Fourth on the list of postcodes is Openshaw in Manchester, which reported a 13% growth in property value, with average house prices mounting from £93,774 to £105,832. Similar to Finnieston, demand for properties in this area has risen due to job growth and attractive affordability.
The fifth fastest rising market in Central Hull, where apartments by the marina and period townhouses are seemingly the most sought-after places to live. According to Barclays, average house prices in this area have jumped 13% over the past year, from £86,778 to £97,742.
Overall, these new figures have highlighted that the North is home to all of the UK’s top property hotspots. This is because wages are rising quicker than house prices in the North, and the properties there are much more affordable – compared to the South where the cost of living and house prices are much higher.
With this in mind, property experts are advising buyers that now is the best time to purchase a property in the North. So, for those looking for an area to invest in, buying within these postcode areas could be a smart move as they are likely to make you a quick return on investment!
If your even looking to sell your house quickly, WeBuyAnyHome can provide a quick and free cash offer in 7 days.