The Fastest Property Price Growth Areas in the UK 2018
First of all, we are going to discuss the fastest property price growth areas in the UK.
If you have been living in the UK for the last 10 years, you would have noticed a significant increase in property prices.
Some areas in the UK have not seen a significant increase, while the opposite has been true for other areas.
Variables Affecting Property Prices
There are many variables that can affect the property market price of properties.
Some of these variables are:
It’s worth checking your local authority for nearby planning permissions.
A school or major supermarket may boost your home’s value, while others could seriously decrease it.
The building of an industrial estate is an example where its development can detract the value of a property.
Above all, it is important to do your research, and contact the local autrhority of an area you are considering to purchase in.
If a local authority is planning to regenerate a town or city centre, this is likely to boost the local economy.
For that reason, this may increase property prices in the future.
New developments can go either way.
When new build homes are built, they can increase the value of the area and its properties.
However, take note that if too many properties come quickly onto the market in that area, it may cause the value to decrease.
Furthermore, there are other variables that can affect the value of properties. You can find out more on the Which website.
In contrast, a previous post on our blog was about falling house prices in 2017 named ‘House Prices Falling London‘.
Areas of Most Substantial Growth
In the UK, these are the top 5 areas which experienced the most substantial house price growth in 1 year, starting with the most affected growth:
(Data compiled in June 2018 by Your Move England & Wales House Price Index)
- Leicester (4.8%)
- Tyne and Wear (4.1%)
- West Midlands (3.9%)
- South Yorkshire (3.2%)
- Greater Manchester (2.9%)
Conclusion of Fastest House Price Growth
In conclusion, it is August 2018, and there are areas in the UK that are experiencing a significant increase in property value.
Most noteworthy, if you are looking to buy or invest in property in particular areas of the UK, you should carry out due diligence for variables that may influence a property’s value.