Birmingham and Merseyside experiencing new peak in house prices
- Merseyside and Birmingham currently experiencing peak prices - up 5% and 6.2% respectively
- Overall property prices increase by 0.6% in February 2017
According to the latest House Price Index from Acadata and LSL – parent company of Reeds Rains – the average price of a property in England and Wales now stands at £297,832 with prices in Merseyside and Birmingham hitting new peaks.
Heavy demand for apartments in Liverpool from both young professionals and buy to let investors renting to students has seen prices in the City by 5% in the last year and growth in property sales in Greater Manchester over the three years to the end of 2016 against the three before, (36%) is also marginally above the average for the region as a whole, but six times the sales growth in Greater London.
Among the other large cities, only Birmingham in the West Midlands set a new peak in the month. Ongoing regeneration of the city centre, good connections by rail and road, and expansion of a number of large employers is giving the city renewed confidence. Prices in the area were up 0.4% monthly and 6.2% on the year.
Oliver Blake, Managing Director of Reeds Rains estate agents, said “ It’s been a strong start to the year for house prices – with good month on month increases and possibly the emergence of the promised Northern Powerhouse - yet the spike in house prices ahead of last April’s stamp duty hike makes direct comparison to the beginning of last year more difficult.”
To view the full report visit http://www.lslps.co.uk/news/house-price-index