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Market Reports August 29, 2024

Regional Property Market Update Autumn 2020: North West and North Wales

It is estimated that nearly two million people own buy-to-let property across the UK (Resolution Foundation 2019), with property being regarded as a ‘safe-haven’ asset. At 6.1% and 5.7% respectively, the gross yields on residential property across the North West and Wales are attractive.

Liverpool is currently the top performer in the North West and North Wales, offering a gross return of 8.6%, followed by Burnley (7%). In 14 locations, gross yields exceed 6%.

Average gross yields on residential property are attractive, with positive rental and house price growth

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Strongest housing markets across the North West and North Wales region

Property prices across the North West were 4.4% higher year-on-year, across Wales 2.8% higher, as the housing market reopened in June. Fylde and West Lancashire are currently the strongest performers in the region. Activity across the market has been brisk, nationally the average time taken to sell a property fell to 53 days in August, down from 62 days in August 2019. Sensible pricing remains crucial, as correctly priced properties are nearly twice as likely to be sold ‘subject to contract’ within four months of listing than those that have had their asking price reduced. Homes in the North West are selling, on average, seven days quicker than a year ago.

North West Regional Property Market Report Autumn 2020 2

Melfyn Williams, Director at Williams & Goodwin, comments on the Isle of Anglesey and Gwynedd region:

“To say estate agents have been busy since re-opening after lockdown would be an understatement. The unprecedented uplift in buyer demand over the past couple of months certainly bucks any notion of pandemic paralysis.

"Nevertheless, research from PwC suggests that up to 20% of people say they are now less likely to purchase a home over the next couple of years compared to pre-Covid-19 figures, due to the ongoing pandemic and economic uncertainty. This is partially balanced by the 10% of people who say they are now MORE likely to move than before, possibly due to the Stamp Duty/Land Transaction Tax holiday. The average saving is about £4,500 but only until March next year when the concession is due to expire. So, if you’re thinking of moving next year – do bring it forward!"

Properties for sale in the North West and North Wales

Conwy, Wales, 7 bedrooms

This substantial country farmhouse is approached via a long sweeping driveway set within about 1.5 acres of grounds with established lawns, a natural wildlife pond and glorious countryside views. This beautiful family home has been updated to an exceptionally high standard by the current owners whilst retaining many of the building’s original features.

Blackburn, Lancashire, 5 bedrooms

This wonderful five-bedroom farmhouse is set in approximately 2.5 acres of peaceful countryside with uninterrupted views across the valley and towards Pendle Hill. This beautiful home boasts a stunning, contemporary open-plan kitchen area with island and adjoining lounge diners, making it an ideal home for entertaining.

Cowgill, Cumbria, 4 bedrooms

This characterful Grade II Listed property is an 18th century building of special architectural and historical interest, as the main part of the ground floor structure has potential origins as a longhouse. East Clint is located at the end of its own privately owned drive in a truly stunning location, with breath-taking views of Dentdale.