Figures show that property prices in key cities around the UK have increased by 3.9% in the last 12 months leading up to August 2018. Within the data, figures also show a trend in areas with the most affordable prices having the biggest growth rates as homeowners around the UK search for reasonable house prices.
The growth around the country varies considerably from place to place, with a rise of up to 7.5% to a fall of 3.9%. Areas such as Glasgow have seen a 7.2% rise, Nottingham’s have increased by 6.9% and Aberdeen saw a 3.9% drop in their property prices meaning the geography of the real estate in the UK is certainly diverse. It also appears that the desirability of the area has a direct correlation with the rise and fall in the patterns of this year and so it is no surprise that Liverpool takes the top spot, with a huge 7.5% rise in their property prices. This is excellent news for investors and current homeowners as it appears that the return on their property is only set to rise as the city continues to go from strength to strength and continues to establish its excellent reputation. It also means that for people considering buying property in Liverpool it seems that it would be better to act sooner rather than later in order to secure a solid investment in a vibrant city whilst also being able to cash in on the reasonable property prices.
The data shows how some of the cities with the biggest increase such as Liverpool, Glasgow and Nottingham are also amongst the cities that are the most affordable and that possess average prices that are only just returning to the levels seen in 2007. This means that you should not be put off by the idea of rising numbers and think that you are not getting value for your money. If anything, this data is a positive sign for these particular areas, especially with Liverpool. Liverpool is one of only four cities where house prices are still below the high points recorded before 2007, with value still down by 4%. This means you are still able to secure a top quality property for a reasonable price if you act fast, with hopes of a very positive return if the market continues to shape up in the same way in the future.
Andy Soloman, Chief Executive of Yomdel, an internet market research establishment, has stated that there is a chance that a No Deal Brexit situation would have a sizeable impact on the economy here in the UK, however, aside from this unlikely event he believes that the economy is looking stable for the foreseeable future. Therefore, the property market throughout UK cities is set to remain robust and it appears that prices will continue to climb, including property prices within Liverpool. Therefore, if you are considering buying property it seems the advice is to act sooner rather than later. Liverpool is a thriving city that only seems set to improve in the future, so if you want to bag a bargain then you should definitely check out all the great deals that the Liverpool property market has to offer whilst prices are still very reasonable.
Written by Rachael Gray.
Rachael Gray is a Director at Clifton Gray specialist property recruitment company. Rachael has recruited within the residential property industry for fifteen years.
Follow Rachael on linkedin or email rachael@cliftongray.co.uk to discuss current Liverpool and Manchester property jobs, or to find out how Clifton Gray can secure the best talent for your property business.