Research by Post Office Money has revealed Stockport to have the fastest growing house prices in the North of England, rising 10% in the last year. Average house prices in Stockport now stand at £225,000.
In the research, conducted by Opinium Research for Post Office Money using ONS data, out of 84 major towns and cities in the UK, Stockport was only one of three places with a double-digit percentage rise in house prices in 2019, alongside Nuneaton in Warwickshire and Leicester.
While house prices nationally have grown by a meagre 0.9% in the last twelve months, towns such as Stockport in the North and Midlands are bucking that trend. The research does not speculate on reasons why property prices may have grown so much in Stockport.
Post Office Money’s research suggests property investors and aspiring buy-to-let landlords should consider Northern towns like Stockport, as growth in house prices will offer better returns on their capital.
Chrysanthy Pispinis, Post Office Money, comments:
The market as a whole may have slowed in the last year but many locations, especially in the Midlands and North, are continuing to see significant house price growth. These properties are potentially good mid-term investments, particularly as they sit in locations that continue to be affordable, even for first-time buyers, which can be a great indication of future growth hotspots.
“The number of households renting in the UK has increased from 2.8 million in 2007 to 4.5 million in 2017, a rise of 1.7 million (63%). This shows that there is still a real need for buy-to-let properties and therefore an opportunity for those looking for a New Year investment.”
In contrast to Stockport, house prices in the capital stagnated in 2019, and fell in other areas in the South such as Oxford, Woking and Cambridge.