For many of us, our homes are our most valuable asset. One thing we all hope for once on the property ladder is a rise in our property’s value. A new list unveils the top places in the UK to buy a home based on rising property values.
Which areas have seen the biggest property value increase?
The North East topped the list for the biggest increase in property value with a rise of 186 per cent over the past decade. The South East was second with an 82 per cent increase, followed by the West Midlands with 61 per cent. This comes after it was revealed that property prices could soar by as much as 13 per cent over the next five years.
Experts have also used information from HM Land Registry to predict what property prices could look like in key areas in ten years’ time based on current growth rates.
Coventry has seen average house prices rise from £150,809 in 2010 to £292,081 this year, which is an increase of more than 93 per cent. Based on this growth, a property in the city could be worth around £565,869 by 2031.
In Birmingham, the average property value has risen to £267,442 this year, up from £149,928 in 2010. This could hit £477,000 by 2031. Gloucester’s average property value currently stands at £377,053, up from £211,711 in 2010, and could reach £670,000 by 2031.
Property value in Manchester has increased by 112.1 per cent over the past decade. The average property value is currently £296,536, up from £139,783, and could rise to around £629,000 by 2031 if growth continues at its current rate.
Establishing the value of a property is as simple as contacting an estate agent or requesting a survey. If you are looking to arrange a home buyers survey Manchester, companies such as Sam Conveyancing will be happy to help.
What does all this mean for buyers and sellers?
Areas in which property prices have risen dramatically are likely to become highly sought-after, which means a home purchase should be a solid investment in the future. While this is great news for homebuyers seeking an investment, it means first-time buyers could be priced out of the market. It also means that shared ownership and Help to Buy schemes may be used more in popular areas.