Current property trends and market hotspots

The property market is constantly fluctuating. It’s really important, both as industry professionals and as home buyers and sellers, to stay on top of changing trends and investment hotspots.

We’re taking a look at some of the biggest current trends in the property market: the housing boom, selling over renting, along with evolving hotspots across the North.

A booming market

The pandemic has created a huge boom for the housing market over the past year. Properties in the North are doing particularly well as people began to move out of industrial cities like London and into more rural areas.

In fact, agents across the North East, and Yorkshire and the Humber report the current sales to stock ratio is at a record high (RICS), with properties selling in just 38 and 35 days respectively (Rightmove). 

Experts are estimating over 1.5 million sales by the end of the year.

Goodbye to generation rent?

According to research by Santander, homeowners could save £2,268 a year if they bought a home over renting. Right now, the average monthly rent in the UK is £912 per household. Compare that to monthly mortgage repayments of £723 for the average first-time buyer, and you’ve got a saving potential of £189 a month.

Renting is no longer the cheaper option. There’s now a younger generation of people looking to buy rather than rent, which in previous years, would have been reversed. 

The North dominates English hotspots

Experts have commented that the North West is ‘sitting on pole and driving market performance’ when it comes to booming house prices. Buyers in the North are benefitting from a far more affordable market. And northern cities are showing the results. 

Leeds

Take Leeds, for example. Leeds’ economy is one of the fastest growing in the country, rivalling several European cities. The average rental yield is 5.1%, with predicted price growth at 9.4% in the next 5 years.

Other cities in Yorkshire are reaping the benefits too. Savills predicts that property in Yorkshire will increase by 21.6% through to 2024, making it a hotspot for those who are investing for capital growth.

Manchester

Manchester has become another major hotspot for property investors. Described as a truly Northern powerhouse where property is concerned, Manchester’s appeal continues to build momentum as a top place to invest, with house prices set to grow a further 17.1%, 

Northern university cities

Another factor is the increasing popularity of universities in the North West.  With over 400,000 students in the North West, from universities in Liverpool, Manchester, Preston and Bolton, it’s a real hotspot for student property investors.

More than a surveyor

At Flint Ross Moorhouse, we’re not just chartered surveyors. We’re here to offer top quality services to our clients. And we want to collaborate with other experts who know the industry too.

We’re always looking for ways to stay one step ahead. And we’re really excited about growing into other areas around the North, including Preston, Blackpool, Bolton, Manchester and more. We’re ready for the upcoming changes, and we’re here to help.

For a surveyor you can trust to go above and beyond, get in touch with us today.