Where have prices increased the most across the UK?
Northern Ireland is steaming ahead – annual house price inflation here was up by 10.2%, equating to an average property price of £175,000*. Out of all the English regions, the North East had the highest annual percentage change, reaching 10.0% in the 12 months to January 2023, closely followed by the West Midlands with a change of 9.9%*.
Where have house prices increased the least?
Over the last year, London has been the exception to the many of the record highs and remains the area with the lowest annual percentage change with 3.2%*. However, the average property price in London currently lies at £680,806^, so it really remains one of the most expensive places to purchase property in the UK.
Is now a good time to invest in property?
Investing in property remains a good investment opportunity as, year-on-year, the money you put in bricks and mortar is gaining in value. And, for landlords and those thinking of investing in buy-to-let, rents remain on the rise and the stream of multiple tenant applications per property remains continuous. Demand in the rental market is 51% above the 5-year average, with average rents for new-lets having increased by 11.1% over the last year, according to Zoopla^^.
Want to kick start your property journey? It starts with a valuation.