The PropertyPro Wealth Diary in collaboration with City Sales
UK Property prices are often dictated by the London centric view of housing and there is no doubt Brexit and maybe the new taxes have slowed the market in London but to the benefit of the regions.
Take the “West Midlands has experienced the greatest price rises in England and Wales during 2017, according to the Rightmove survey, with prices 6.1% higher than last year.
The East Midlands has been the next best performer with price growth of 4.9% followed by Yorkshire and Humber at 4.1%. Greater London has had the weakest growth of the regions outside central London over the past 12 months with 0.9%, followed by the north-east with 1.6%. (source The Guardian Property July 2017).
London’s lack of price growth has been welcome news north of Watford Junction for property owners. Here at our agency we have noticed more and more southerners making enquiries about property and here are some of the reasons we consider to be a major factor;
Uncertainty – Brexit & taxes have subdued London price growth and for the first-time investors in London have been seeking returns in the form of a yield rather than price growth. This is a substantive factor in their decision making as expensive property means nil returns in yield whereas less expensive property (North of Watford) should be producing 8%-10% rental yield.
#Sellbettersellfaster with City Sales!!!
Cost of living – Inflation seems to have taken hold since sterling’s devaluation making the price of goods more expensive. As interest rates remain low people are hit with an increase in the cost of living, no house price growth and so they are looking further than London to make a return and maintain their lifestyle.
Politics – Liverpool City Region Mayor election was successfully won by Steve Rotherham. Certainly, I think we would be fooling ourselves to accept the civic leadership enjoyed by Manchester City Council in the form of Sir Richard Charles Leese, CBE will have the same impact and it remains to be seen whether the New City Region Mayor can deliver! Historically, well at least over the last 20+ years we must acknowledge Manchester has achieved great things with some considering it the second city of the UK. However, it is an opportunity presented to our New Regional Mayor with his devolved powers and some consider this an opportunity for development & growth.
Affordability – Its most affordable for buyers from London and equally affordable in terms of first time buyers when comparing what you get for your money.
What does this mean for L9 & L10.
L9 & L10 remain in demand as they are popular areas to live. Admittedly, Aintree Village & Orrel Park remain in strong demand and properties in this area will sell and the rental demand remains strong.
Remember we don’t just list WE SELL your property!!!
Aintree Village world renowned for the Grand National which dates to the 19th Century but was also used as a motor racing circuit for the Grand Prix 1955-1962. The Leeds Liverpool Canal weaves through the village with barges moored alongside the bank.
Orrel Park has a local shops and supermarkets with good rail & bus links. New houses are going up and the there are plenty of good schools primary & secondary.
City Sales taking instructions today!!
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