North West driving detached property price boom

The property market in the North West of England is leading the lockdown detached property price boom, not a London exodus, according to Ascend Properties.

Research from the firm shows that across England, the average price paid for a detached house has increased from £349,995 to £375,000 since the start of lockdown, a 7.1% increase.

At the same time, sold prices for all other property types have increased by 5.7% from £210,000 to £222,000. 1.4% less than detached homes, but respectable nonetheless.

Prior to lockdown, detached houses sold for an average of £280,000 across the North West, while other property types averaged £147,000 – a gap of 90% in bricks and mortar value.

However, since lockdown detached homes in the North West have sold for an average of £299,995 compared to £153,000 for all other property types, meaning this price gap has now stretched to 96%.

What’s more, detached homes across the North West have increased by 7.1% in value since lockdown, the highest increase of all English regions.

Ged McPartlin, managing director of Ascend Properties, said: “There may well be an exodus of homebuyers leaving the capital in search of larger homes, but the figures show that the North West is actually leading the way where this trend is concerned.

“Not only does the region rank top for detached property price growth since lockdown was first implemented, but detached homes are also pulling away from the rest of the wider market in terms of the rate of price appreciation.

“That’s not to say that other property types aren’t selling well and, in fact, there has been strong growth across the board. However, with more buyers searching for larger homes it does present a good opportunity for first and second rung buyers who should be able to find a flat or smaller home for a good price now that there is less competition.”

Written by: Houseladder