The north of England is pulling ahead as the prime location for investment property purchases, according to the latest ONS figures.
Private rental prices paid by tenants in Great Britain were up 1.5 per cent in the 12 months to October. This marks a minor decline from the 1.6 per cent recorded in September. In England, prices were up 1.5 per cent, whilst Scotland saw an annual rise of 0.4 per cent. Wales also saw growth of 1.5 per cent. Private rental prices in the capital were up 0.8 per cent during the year to October 2017, falling behind the national average.
The research also revealed that house prices were up 5.4 per cent in the year until September, propelled by growth in the North West, which saw a rise in values of up to 7.3 per cent. The average UK house price has reached £226,000 in September 2017, up £11,000 annually.
England saw house price growth of 5.7 per cent, beaten only by Northern Ireland which saw a 6 per cent growth. Wales saw prices rise 5.3 per cent, and Scotland saw a 3.1 per cent growth.
Managing director of Sequre Property Investment, Graham Davidson, commented: ‘With house prices still rising steadily, we can see the market remains in a promising position as we near the end of 2017. An annual increase of 5.4 per cent is generally the level of growth we have predicted we would see at this point in the year. Whilst the overall growth is of importance, areas such as the North West which we have been championing for several years now are far surpassing other parts of the UK with a huge 7.3 per cent growth to September this year. London continues to take a dip with growth of just 2.5 per cent which we also predicted at the beginning of the year. For buy-to-let investors, the message could not be clearer. If you want high yields and capital growth, the north of England is best to invest.’