It may not be the best time to make predictions about the future of the United Kingdom, England or the people who reside in the country. Given the turbulent and often traumatic times, it is easy to see why so many households hold off from making major decisions. However, life goes on.
Property decisions and deals take place, and many people try to carry on with their life as best they can. Industry experts also continue to make forecasts about the future. Oxford Economics is a name many people look up to when it comes to the property market. Also, if people hadn’t heard of the company before, the appearance of Oxford and Economics in the name gives them a grand status that many people will assume means they know what they are talking about.
Oxford Economics believe house prices will continue to rise in UK
The organisation believes house prices in the United Kingdom, but outside of London, will increase by around 15% to 20% in the next five years. It is best to look at the UK and English market without London. Even though London’s market has experienced some difficulties that the rest of the nations has weathered more effectively of late, it still stands apart.
The ten years that followed on from the 2009 Credit Crunch saw London property rose, on average, by 72%. Property prices in the North of England increased by just 1.9% in this time. Anyone trying to argue that they are worthy of comparison in the same market will find they are quickly shot down by people active in the market.
With respect to the predictions for five years from now, an average of £30,000 is tipped to be added to house prices by 2023. This increase will take the average cost of buying a home in the UK, outside of London, to close to £250,000.
Manchester has a lot to offer investors
As you would expect, Manchester and surrounding areas will drive a lot of the growth. Oxford Economics predicts that Manchester will experience a price increase of 20% to 2023. If you are looking to invest in property in and around Manchester, now is an ideal time to do so. Many people will appreciate the chance to enjoy a return of this nature on an investment, and there are many reasons why investing in Manchester property makes sense.
With convenient transport links to the centre of Manchester, and significant developments taking place, Stockport is the ideal place to buy, live or invest. As Stockport property specialists, we want to ensure you stay in touch with the latest property news. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html