North-East Regional Cities Growing in the UK
The region surrounding the northern seaboard is one of the UK's fastest-growing economies. It has a highly skilled workforce, an excellent transport network, and a low-cost base. There are over 67,000 businesses in the region. I will discuss the economic factors that are helping these regions grow. It includes an analysis of the Northeast. The following is an overview of the Northeast's major cities.
Manchester: The city was named the fastest growing city in the UK. Its GVA grew by 2.2% in 2017, which was more than twice the growth rate of its smaller neighbours.
Liverpool: The city has an economic performance indicator of strong growth in the northeast, with a forecast GVA growth of 17.5%.
Sheffield: Home prices rose by 24% in 2017. Only 1.4 per cent of homes met the criteria for affordable housing, which means that rents for affordable homes are 80 per cent higher than the local rates.
Bradford: A study by the World Bank has shown that the UK's regional cities are growing. The North-East region has the highest level of economic activity among regional areas, and Bradford is the fastest growing city in the North-East.
The study also shows that the region has the largest number of new businesses. Investment in the UK's cities is rising largely due to the growing middle class.
North East England Property Rates
The property market in the North East of England is highly competitive. As a result, the average price growth per year in the North is higher than the average of other markets in the UK. Eleven counties in the region have annual price growth rates over 7.5%. However, prices in the region remained slower than the national average.
The property market in the North East is one of the country's most dynamic, meaning buyers can take advantage of excellent opportunities. In addition, buying a home in the North will benefit you financially for many years.
The North East of England has one of the lowest property prices of any major city in the UK. The Hometrack data finds the average property price in Newcastle, Tyneside, is £129,700.
While the official average for the region is £126,000, you can still find cheap property for as little as £17,000 if you know where to look. The region also has many great holiday homes, which will help drive the price of a home in the area.
The average house price in the North East grew by £20,293 in just one year. In May, the average house price in Northumberland was £153,760, which is a 13.2% increase in one year. In County Durham, the average house price was £114,672, which is a 16.8% increase.
It means that prices in the region are now higher than the national average. And the cheapest property in the region is £148,000, so it's best to buy now before the market grows further.
To get information on the European best property markets and investments in real estate, click Hamilton International Estates (www.hamiltoninternationalestates.com)
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Disclaimer - Hamilton International Estates is acting as an agent in marketing products and services for many other companies. Hamilton International Estates is not authorised to give investment/tax advice and you should seek independent financial and legal advice prior to making any investment decision. All forecasts are based on historical performance and are purely indicative. The value of your property may rise or fall. No guarantees as to future performance in respect of income or capital growth are given either expressly or by implication and nothing expressed or implied should be taken as a forecast of future performance. This is not an offer to participate in a collective investment scheme as defined in the Financial Services and Markets Act 2000 (section 235) and as such buyers have no access to statutory or regulatory protections including the Financial Ombudsman Service and the Financial Services Compensation Scheme. Hamilton International Estates is not regulated by the FCA and is not authorised to offer advice to the general public concerning any regulated or unregulated investment. Although every care has been taken to make sure that the information in this brochure / website is accurate, Hamilton International Estates cannot accept any responsibility for mistakes or omissions. You should take your own professional advice before taking or refraining from any action based on the contents of this brochure / website which are only intended as a general outline to the matters referred to in it. All content, product description and illustrations in this factsheet, brochures and website are purely marketing material provided by the companies that we work as agents for. Hamilton International Estates registered address Chiltern House Business Center, 64 High Street, Burnham, Bucks, SL1 7JT, United Kingdom, Company Registration Number 10767032 is a sales and marketing agent.