North-west house prices grew 11.2% in 2020

The North-west region saw the fastest growth in house prices of any UK region during 2020, according to the government’s UK House Price Index.

During the course of 2020, the region saw 11.2% growth in house prices, with a 2.5% increase seen between November and December alone. The average price of a house in the region is now £183,727.

Despite the coronavirus pandemic shutting down the housing market during part of 2020, government figures recorded 129,400 residential property transactions, 31.5% higher than in 2019. The Bank of England reported that eagerness to complete sales ahead of the end of the stamp duty holiday in March helped to support demand.

Normally the UK’s most buoyant property market, London saw a comparatively meagre 3.5% annual house price increase (the lowest of any UK region), with prices falling 1.1% from November to December. Figures highlight the way Covid-19 lockdowns have pushed buyers out of cities into suburban and rural areas with more outdoor space.

Managing Director of Manchester-based Ascend Properties, Ged McPartlin, commented on the region’s strong property market. He said: 

Move over London, we may just be seeing the Northern Powerhouse that politicians have been talking about for years, manifesting itself first in house prices. An 11.2% here in the North West is unprecedented and this huge performance in house price growth demonstrates the strength of the UK market outside of the capital, particularly where domestic demand is concerned.

Such encouraging signs should do more than put a smile on the face of homeowners and we should see knock-on investment in industry, housing, people and jobs as a result.”