According to the National Association of Estate Agents Property Mark, the housing market is booming. In June, properties sold for over the asking price, making property sales the highest recorded number since February 2016.
As demand outstrips housing stock, recent data from mortgage broker Mojo Mortgages reveals property investors favour the North-West, as prices remain stable and rental-yields are the highest in the Country, making it the hot-spot of investment.
Southport based estate agent Madalena Penny, and director of Penny Joseph & Town & Country Property Auctions said: “Since June this year, we have been flooded by property investors from around the UK, looking for below market value properties. Because of the lack of mortgages available at the moment for homeowners and first-time buyers, rental growth in the private rented sector has increased considerably, driving rents higher.”
Earlier this year, Southport was named in a survey conducted by property portal ‘Rightmove’, as one of the top 10 of the happiest places to live in the UK.
“Because Liverpool property is hard to come by at the moment, property investors have stretched their search to Southport and surrounding areas. As Auctioneers for the whole of Lancashire, we are seeing a surge in demand. It’s nice for once to see a North/South divide in favour of the North West,” said Madalena.
Lloyd Marsden, from Town and Country Property Auctions in North Wales said,: “Due to a restricted supply in the market North West branches of our agency, have been inundated with investors looking for below market value properties. The market looks to be going from strength-to-strength. 3D tours and drone photography has also allowed buyers to have further content prior to viewing amid the Covid outbreak”
As first time buyers fell 3% from May, according to the NAEA, Ms Penny believes it is likely the demand for housing in the private rented sector will continue, and that investment in the North West housing market will increase.