Main regional city centres across the UK are expected to outperform with higher sales price and rental growth as the rise of city centre living continues. All the main cities in Northern England – Manchester, Liverpool and Leeds, have seen resurgent sales and rental markets in recent years.
City living has gained strong momentum in Manchester, Liverpool and Leeds over the past three years and, together with an active student market, has pushed demand in both the sales and lettings markets notably higher. And with housing supply in these city centres severely constrained, prices and rents have soared.
Residential Forecasts: Northern England
Key highlights:
• The housing market in the North West has outperformed the wider UK market in the period since the EU Referendum.
• Over the next five years JLL expects average house price growth of 3.1% pa in the North West and 2.7% pa in Yorkshire & The Humber, both above the average expected for the UK of 2.4 pa%.
• Manchester is positioned as the most attractive city centre residential investment market in the UK with price growth over the next 5 years an average of 4.2%
• Leeds boasts an attractive Build to Rent market with private rental properties accounting for around 75% of the circa 10,000 city centre residential properties
• New development prices will rise strongly over the next five years in Liverpool with average price growth of 3.6% pa.
