The north west of England leading national house price rises
House prices in the north west of England have so far raced ahead by 3.7 per cent in February to reach £163,227, ahead of the national average increase of 3.1 per cent, the Manchester Evening News reports
Meanwhile, across England and Wales, February’s improvement in the market left the average house price at £230,030 – which the publication reports is roughly at the same level as a year prior.
A closer look at the data reveals that the West Midlands and the East Midlands were the only regions where prices have fallen to date in February, while Yorkshire and Humberside has seen the biggest advance, at 6.7 per cent, according to the report.
Citing a report from the property website Rightmove, MEN says that despite the broader trend of falling prices last year, buying and selling patterns were still following the seasonal ups and downs. However, the publication reports that the market is still suffering from a lack of demand, as would-be-buyers struggle to find equity or raise finance.
These doubts were echoed in a recent report by the Guardian, which said that although prices had only been trending downwards slowly, some economists are still predicting a sharper fall before they stabilise.
Some industry commentators think the downturn in the market and the difficult situation in the UK may result in a cultural shift towards the European model of renting, and some agents are developing their offering in this sector.
However, while England’s housing woes are well documented, countries in other corners of the world are suffering quite the opposite problem: currently many cities in China, such as Shanghai, are restricting home purchases to cool the market and deflate what the authorities views as a bubble, according to local media sources.