February has proven itself to be a strong month for the property market, with new seller asking prices hitting a record high of £348,804. This is a rise of 2.3% (+£7,785). It is a common trend for February to see a rise in asking prices from January, however this is the biggest monthly jump in cash terms recorded by Rightmove in more than 20 years. The annual rate of asking price growth (+9.5%) is the highest recorded since September 2014.
This record growth means average asking prices have increased by nearly £40,000 in the two years since the pandemic started, compared to just over £9,000 in the previous two years. With the final restrictions now ending and returning to the office is encouraged or required by many businesses, London has recorded the biggest jump in the number of buyers sending enquiries of any region (+24%), a new price record, and its highest annual rate of price growth since 2016.
Tim Bannister, Rightmove’s Director of Property Data, comments, “The data suggests that people are by no means done with their pandemic-driven moves. Such a significant societal event means that even two years on from the start of the pandemic, people are continuing to re-consider their priorities and where they want to live. As the final legal restrictions look to be ending soon, and more businesses are encouraging a return to the office for at least part of the week, we now have a group of movers who are looking to return closer to major cities, or at least within comfortable commuting distance of their workplaces. High demand and a shortage of available stock are supporting a rise in prices and a new record average asking price this month. The rising cost of living is undoubtedly affecting many people’s finances, especially those trying to save up enough for a deposit to get on the ladder or to trade up. However, despite rising costs and rising interest rates, the data right now shows demand rising across the whole of Great Britain, with many people determined to move as we head into the spring home-moving season.”
Regions which have seen the strongest monthly increase is: Yorkshire & The Humber with 6.2% (and a 12.6% Year-on-Year increase), 6.0% in London (+7.3% Year-on-Year), and the North-West with a 3.2% monthly increase (+9.6% Year-on-Year). Below you can see the monthly and year-on-year increase for all regions:
We have a number of developments available in these regions which will offer fantastic capital appreciation and strong rental yields, such as:
The 56 at Westminster Park, Liverpool:
The 56 at Westminster Park is a stunning off-plan buy to let property investment opportunity in Liverpool. Enjoying a prime location as the gateway to Liverpool City Centre, The 56 lives up to its name, boasting 56 contemporary apartments over 9 floors, completed to a high specification and designed to accommodate exclusive city living. The needs of the resident are at the heart of each home. Amenities exceed expectations as well as the apartments, with The 56 providing a five star living experience that turns a home into a real community.
• Spacious studio, one and two-bedroom apartments form Liverpool’s most exciting new residential development
• Delivered by a market leading developer
• Large spacious apartments
• Short-term lets approved
• Gross yields up to 6.37% (Traditional AST)
• Gross yields up to 18.24% (Short-let)
• Reservation fee £2,000
• Resident workspace, gymnasium, and communal outdoor space
• Within a key regeneration area
You can learn more about the investment opportunity by contacting our sales team or reading more here.
Willow Court, London:
Willow Court in Woolwich offer a unique style of living that is rare to find in London. This investment opportunity will provide investors with great capital growth, at competitive London prices. Surrounding the development is heritage in abundance, a legacy of listed buildings, a fascinating melting pot of cultures and the capital’s best transport connections. All wrapped up in a riverside location and offered at a price point that is affordable for the capital city.
• Off-plan London investment opportunity
• Easy access to overground and DLR services
• Sought after town centre location with shops, bars, restaurants and cafes nearby
• Bright and spacious apartments ranging fro 569 to 930sqft
• Yields up to 4.06%
• Reservation fee £2,000
• Balcony with every apartment
You can learn more about this investment opportunity by contacting our sales team.
The Exchange, Preston:
The Exchange is a brand new, off-plan development ideally located in Preston city centre. It will deliver a new standard of premium modern living to the local rental market, right in the heart of the city’s newest emerging neighbourhood. The schemes residents lounge and roof garden will help to create a relaxing community space for tenants to meet and unwind. The host of amenities will offer young professionals a great environment to live in.
• Prices from £127,769
• 1, 2 & 3 bedroom apartments available
• Gym, Concierge, Residents Lounge & Rooftop Garden
• Preston is projected £1bn economic growth over the next 10 years & already has fast connections with Northern powerhouse cities and the rest of the UK, through its transport links
• Completion by Q2 2023
• Yields up to 7.54%
• £5,000 Reservation Fee
You can learn more about the investment opportunity by contacting our sales team or reading more here.
Spinning Mill, Manchester:
Spinning Mill is a striking Grade II former textile mill situated just 17 minutes away, the City Centre only 5 minutes away and Spinningfields 13 minutes away. Designed by prominent Bolton architect George Woodhouse, it’s bold six-storey red-brick façade dominates the local skyline for over one and a half centuries. From each apartment window, the Mill’s panoramic views across the city and surrounding suburbs can be fully appreciated. Since the early 2000’s the areas has been the recipient of several billions pounds of public and private investment that has created new places to live, work, shop, dine out and be entertained.
• New York-style loft living
• Nearing completion
• Prestigious one of a kind development
• Parking included
• Reservation fee £2,000
• Only 10% on exchange
• Fully integrated appliances
You can learn more about this investment opportunity by contacting our sales team.
It is safe to say that the UK property market is booming and shows no signs of slowing down. If you don’t want to miss out on the fantastic opportunity for capital growth and high rental yields, then get in touch!
