Regional Property Market Update Spring 2021: North West and North Wales
At 7.0% and 8.5% respectively, average annual price growth in Wales and the North West is significant. Growth is currently stronger than at any point since before the Global Financial Crisis, with eight areas of the North West witnessing double-digit growth. Flintshire is currently the best performing area in North Wales.
Rightmove report average asking prices fell slightly in January, but properties are selling more quickly than a year ago.
Annual price growth has strengthened across the UK in recent months
Most active housing markets across the North West and North Wales region
Average property prices in Wales and the North West are more expensive than a year ago and activity across the market is robust. On average 3.4% of private properties are sold each year, with turnover in four areas 4% or more. Over 15,400 new homes were registered for sale during 2020, and nationally registrations have been on an upward trend since September.
First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020 (UK Finance). The number of High Loan-to-Value (LTV) mortgage products has also increased, Moneyfacts reporting there were 169 products available at 90% LTV in January, over double the number available back in July. Lending rates remain low, the average mortgage rate the lowest in history.
Properties for sale in the North West and North Wales
Wigton, Cumbria, 4 bedrooms
Brookwell House is a significant period home, set in a popular village and full of character features. The accommodation comprises four reception rooms including a sitting room, study and a living room which opens up to a generous dining room. There is also a farmhouse kitchen-breakfast room, a ground floor shower room, a utility porch and a separate WC. Additionally, the property has planning permission granted to convert an attached barn room into an integral garage, if required.
Conwy, Wales, 5 bedrooms
This substantial detached residence boasts four reception rooms, five bedroom-suites, plus a self-contained one-bedroom cottage and spacious lawned gardens. This period style residence is situated in a high-profile position located between the marina village of Deganwy and the bustling seaside resort of Llandudno, known as ''The Welsh Riviera''.
St Helens, Merseyside, 3 bedrooms
This beautiful, traditional terraced cottage boasts an abundance of living space and fabulous character features, such as exposed wooden ceiling beams, stone walls and original fireplaces. The home provides two reception rooms, a fully fitted kitchen with fitted units, premium worktops and integrated appliances, and three bedrooms.
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