The effects of Brexit deepen as London house prices fall by up to 15%. Meanwhile, house prices in the North West of England have risen and are now the fastest-growing property market in the UK; with Blackburn exhibiting the highest rate of growth (+16.4%) over the past 12 months.
In terms of regional cities, house prices in Manchester and Birmingham are set for further growth in contrast to the rest of the UK. Interestingly, house prices in relation to average earnings in London are approximately 9:1 – whilst in the North West of England this is approximately 5:1. Furthermore, Manchester has been reported to be the leading city in terms of jobs and population growth (followed by Leeds, Birmingham and Liverpool) in contrast to London.
Clearly, London house prices remain unaffordable for most. However, cities in the North West and Midlands such as Manchester, Birmingham, Leeds and Liverpool are affordable alternatives, with great forecasted prospects for jobs and population growth. A win-win for the North West & Midlands.
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