2019 is expected to be one of the best years yet for the property market in the North West of England, with house prices forecast to substantially increase as well as student accommodation and town centre property set to dominate the sector throughout the year.
House Prices in the North West to Soar
The price of property in the North West is set to grow faster than any other UK region in the next five years, with property agents Savills forecasting a rise of 18% by 2022. With the UK expected to experience an average house price rise of just 14%, the North West region, home to counties such as Greater Manchester, Cheshire and Lancashire, surpasses all other regions.
Despite a small decline in property prices in the area throughout 2018, the North West is set for the highest growth forecast in the UK this year, coinciding with the growth of employment, wages and GDP levels.
A New Focus on Property in Town Centres
In 2019, investors and landlords will begin to diversify their portfolios by focusing their efforts towards town centres which deliver the opportunity for a substantial return on investment (ROI), instead of property investments which have previously been rooted in regional centres only. Investors should look to towns that have great connectivity links, an abundance of employment opportunities and access to local services amongst other unique assets which make the centres stand out from the rest.
Town centres in the North West region suffer from a lack of quality homes, despite the demand that is driven by residents who are seeking better accommodation. Savvy investors and developers who deliver residential developments and modern homes in response to consumer demand in town centres guarantee to secure capital growth whilst also taking advantage of the rental scene and enjoying a steady income as a result.
Student Accommodation Continues to Thrive
Both landlords and investors alike stand to enjoy a seriously lucrative return on investment in 2019 thanks to the demand created for property in the North West, which is driven by students who choose to lease purpose built accommodation throughout their time in higher education. Property experts see 2019 as being another year in which the student residential sector is a force to be reckoned with, dominating all other sectors and achieving record-breaking highs within the property market.
Experts also predict that in 2019, we will see an increasing number of investors and landlords in the private sector choosing to partner with universities through both on-campus partnerships and nomination agreements. The efforts are being made in a bid to reduce competition amongst those in the private sector who invest in the ruthless property market.
We can also expect to see increased pressure on the market in the North West to deliver more affordable products, however it is simply a waiting game to see whether lower prices in the region will be delivered through innovation or competition amongst both landlords and investors dabbling in the student residential sector.
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