The UK’s regional cities are continuing to see significant rises in house prices, despite Brexit and its potential impact on the housing market, as I’ve highlighted recently with regard to landlords looking outside London for higher rental yields.
While the capital and the South has witnessed a fall in house price inflation to just 2.6 per cent, there are still rapid gains elsewhere as buyers seek better value for money outside the capital.
In fact, according to the Nationwide house price index for June 2017, it is the first time in eight years that price growth in Northern England has exceeded that in Southern England, with prices in the North up 3.3% on the previous year.
Other reports have identified Birmingham as the leading city for house price growth in June, with Manchester and Leeds following close behind.
Some experts have updated their forecasts for 2017 in light of these positive trends and are predicting that the 20 biggest cities outside the South East will see house price rises of between 6 and 7 per cent.
Property buyers are looking to the regions, spurred on by various factors such as major transport infrastructure projects like HS2, or investment the North and Midlands, for example, which has created increasingly vibrant city centres.
When looking at the statistics, and the factors driving the continuing house price growth, it’s clear to see there are certainly plenty of opportunities for investors in the regions across the UK ,and it will be interesting to see if these regional trends continue as we move closer to our exit from the EU.