The UK’s North Proving to be the Prime Investment Regions, Reveals Latest Report

The cities of Liverpool, Nottingham, and Manchester have experienced substantial increases in house prices since the onset of the COVID-19 pandemic. This surge comes despite the backdrop of interest rates reaching a 13-year high and a relatively flat current housing market. 

According to recent research conducted by Zoom Property Buyer, these cities have outperformed others in terms of property price appreciation, while London lags behind.

Here are the notable increases in house prices across the UK's top 10 largest cities from January 2020 to June 2023:

• Liverpool: 40.92%
• Nottingham: 32.11%
• Manchester: 27.52%
• Glasgow: 27.51%
• Leeds: 24.39%
• Newcastle upon Tyne: 23.65%
• Sheffield: 22.23%
• Birmingham: 20.98%
• Southampton: 18.31%
• London: 10.93%

Remarkably, Liverpool tops the list with an impressive 40.92% increase, followed closely by Nottingham and Manchester. This data paints a picture of robust growth in these cities despite prevailing economic conditions.

Taking a broader view across the UK, the results reveal some unexpected trends. Contrary to the South's reputation for high property costs, it's the North West region that has witnessed the most substantial house price hikes during this period, with an average increase of 34.22%. The East Midlands closely follows at 32.11%, while Scotland and the North East also saw notable rises at 27.51% and 23.65%, respectively. The Yorkshire and the Humber, West Midlands, and South East regions have also experienced growth, though at a somewhat slower pace.

Mark Hardman, representing Zoom Property Buyer, commented on these findings, stating, "These insights offer a comprehensive overview of the UK property market, showcasing the diverse growth patterns across various cities and regions. While the property market's stability remains uncertain, the post-pandemic economic impact has led to remarkable increases of up to a third in certain parts of the country."

Additionally, these findings underscore a conspicuous North/South divide within the UK property market, though not necessarily in the way one might expect. Despite the impressive growth rates in northern cities like Liverpool and Manchester, London maintains its status as the most expensive housing market, with average property prices surpassing the £500,000 mark.

This analysis is based on a thorough examination of average house prices in each city, tracked on a monthly basis from January 2020 to June 2023, utilizing data sourced from HM Land Registry.