Figures Suggest Growth in Home Price in North, Scotland and Wales

UK House Price Growth

Recent UK regional markets studies indicate that Leeds may report higher gains and rental development. The cost in Leeds is expected to rise 17.1% by 2023, Manchester by 15.9%, and Liverpool by 12.6% in the coming five years. 

The North West is expected to gain 12 per cent by 2023, and Greater London may gain 14.8 per cent. Yorkshire may gain 10.4 per cent, and North East can gain 6.6 per cent. 

Figures from JLL forecast growth in price in Edinburg and Glasgow, where it is assumed the price will gain 16.5 per cent in Edinburg and Glasgow by 13.7 per cent by 2023. Across Scotland, the price can grow at 11.5 per cent outperforming the UK's five-year forecast of 11.4 per cent. 

UK house price growth is forecast at 2.2 per cent, and rental growth is expected to be at 2.4 per cent. Glasgow remains undersupplied in housing, and with the population growth, low stock can lead to a shortage. In the next five years, JLL expects the sale price to increase by an average of 2.6 per cent, and rents are expected to grow by 3 per cent.

Similarly, regions near Torfaen and Newport are gaining by over 10 per cent as compared to 2018 as per the official figures released by the UK government, which states housing prices in these areas may rise with average sales gaining by 13.2 per cent in Monmouthshire (where the average home price is £265,889). 

The ONS statistics claim that the house price growth in Wales was 5.2 per cent in 2018, reaching £162,000. One of the biggest growths was reported by Torfaen, where house prices went up by over 12 per cent in December 2018 compared to the last year. Newport prices rose 10.6 per cent.

ONS Figures Indicate 3.3 Percent Growth in Annual House Price

Annual house price growth was at 3.3 per cent (in 2018), whereas price growth in England was at 3 per cent, Scotland at 4.6 per cent, Wales at 4.8 per cent and Northern Ireland at 4.6 per cent. As per ONS data, UK house prices grew 2.5 per cent in the year to December.

The latest reports on the UK housing market suggest that first-time buyers buy later in life, and several buy-to-let investors are pulling out of their investments over the tax issues. However, most declines in property came in the second half of 2018, but the government should implement regulations to encourage first-time buyers to move up the housing ladder. 

The price of semi-detached homes gained fastest (in England) at the rate of 3.3 per cent, and detached homes' prices rose 3.1 per cent. Terraced home prices advanced by 2.5 per cent. 

The fastest development was in Wales (5.2 per cent), where the outlay remained at £162,000. The Northeast of England cost was down 1 per cent, and London was down 0.6 per cent.

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