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The North West Outshines the Rest of the UK in Price Growth

The UK’s strongest property value increases were found in the North West in December, according to a new survey.

High Price Growth in North West of England

The UK’s strongest property value increases were found in the North West in December, according to a new survey.

With a net balance of 55% of surveyors reporting on a rise in house prices in December, the North West of England placed at the top of the latest index by the Royal Institute of Chartered Surveyors (RICS) with the strongest growth in the UK.


Nationally, the headline balance of surveyors questioned reported an average price increase of 24%, which is slightly lower than the 29% growth recorded in November 2016.


The North West was just one of three regions to experience an increase in sales in the final month of 2016, with Wales and the South East also generating responses of positive growth.


The UK’s average newly agreed sales indicator fell back to -1% following the results, the first decrease for four months.


In the lettings market, demand experienced a marginal increase, resulting in rents rising further – with RICS’ surveyors expecting an average rental growth of around 5% per annum over the next five years.


The only region where rental growth is not expected is London. Surveyors in the capital are projecting a circa 10% decrease in rents in the next three months, with tenant demand anticipated to fall by nearly 40% over the same period.


Commenting on the survey, RICS’ Chief Economist, Simon Rubinsohn, said:


‘The latest survey provides further evidence that both price and rent pressures are continuing to spread from the more highly valued to more modestly valued parts of the market for good or ill.’


Earlier this week online listing page Rightmove reported a 4.4% increase in asking rents in the North West of England.

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