North West leading detached property price boom in the UK

7 April 2021 | General

The latest research by Ascend Properties has revealed that it is, in fact, the property market in the North West that’s leading the lockdown, detached property price boom, not a London exodus.

Ascend Properties analysed sold price records since lockdown was implemented on the 23rd March 2020 and February 2021 (latest available data), as well as during the same time period prior to the first lockdown, to see what impact a scramble for larger homes has had on the prices paid by buyers.

The research shows that across England, the average price paid for a detached house has increased from £349,995 to £375,000 since the start of lockdown, a 7.1% increase. At the same time, sold prices for all other property types have increased by 5.7% from £210,000 to £222,000. 1.4% less than detached homes, but respectable none the less.

Much has been made about London homebuyers looking to the capital’s peripherals and beyond for larger homes, but the research suggests that it is the North West where this trend is impacting sold prices to the greatest extent.

Prior to lockdown, detached houses sold for an average of £280,000 across the North West, while other property types averaged £147,000 – a gap of 90% in bricks and mortar value. However, since lockdown detached homes in the North West have sold for an average of £299,995 compared to £153,000 for all other property types, meaning this price gap has now stretched to 96%.

What’s more, detached homes across the North West have increased by 7.1% in value since lockdown, the highest increase of all English regions. At the same time, the price paid for all other property types has increased by 4.1%. The 3.1% gap between the two is also the highest across all other English regions, further highlighting the detached property price boom currently being seen across the region.

The South West ranks second, with detached homes up 6.8% since lockdown, 2.3% more than the rest of the market. Yorkshire and the Humber has also seen one of the biggest uplifts in detached property prices when compared to the rest of the market, with an increase of 5.4% coming in 2% higher than the uplift enjoyed across the rest of the market.

London does rank fourth however and while detached house prices are up 6.1%, which is a higher rate of growth than Yorkshire and the Humber, it’s just 1.8% ahead of the property price growth seen across other property types in the capital.

Managing Director of Ascend Properties, Ged McPartlin, commented:

“There may well be an exodus of homebuyers leaving the capital in search of larger homes, but the figures show that the North West is actually leading the way where this trend is concerned.

Not only does the region rank top for detached property price growth since lockdown was first implemented, but detached homes are also pulling away from the rest of the wider market in terms of the rate of price appreciation.

That’s not to say that other property types aren’t selling well and, in fact, there has been strong growth across the board. However, with more buyers searching for larger homes it does present a good opportunity for first and second rung buyers who should be able to find a flat or smaller home for a good price now that there is less competition.”

Table shows the average sold price of detached homes and all other property types by region, both prior and since the first lockdown
Region Average Sold Price for Detached Properties Average Sold Price for All Other Properties
Before Lockdown After Lockdown Before Lockdown After Lockdown
EAST MIDLANDS £282,000 £295,000 £162,000 £168,500
EAST OF ENGLAND £390,000 £415,000 £255,000 £269,000
LONDON £768,000 £815,000 £468,000 £488,000
NORTH EAST £245,000 £245,000 £120,000 £123,000
NORTH WEST £280,000 £299,995 £147,000 £153,000
SOUTH EAST £499,950 £530,000 £282,500 £295,000
SOUTH WEST £365,000 £390,000 £220,000 £230,000
WEST MIDLANDS £317,500 £330,000 £170,000 £175,995
YORKSHIRE AND THE HUMBER £275,000 £289,950 £144,950 £150,000
ENGLAND £349,995 £375,000 £210,000 £222,000
Average sold prices before lockdown based on median sold price of all residential homes sold between 22nd April 2019 to 22nd March 2020 (11 months)
Average sold prices since lockdown based on median sold price of all residential homes sold between 23rd March 2020 to 23rd Feb 2021 (11 months)
Data sourced from the Land Registry Price Paid records and excludes properties listed as ‘other’ and includes only single residential sales (E.g not second homes)
Table shows the change in the average sold price for detached properties, all other properties and the difference in the rate of growth between the two
Region Detached Properties All Other Properties Difference (%)
NORTH WEST 7.1% 4.1% 3.1%
SOUTH WEST 6.8% 4.5% 2.3%
YORKSHIRE AND THE HUMBER 5.4% 3.5% 2.0%
LONDON 6.1% 4.3% 1.8%
SOUTH EAST 6.0% 4.4% 1.6%
EAST OF ENGLAND 6.4% 5.5% 0.9%
EAST MIDLANDS 4.6% 4.0% 0.6%
WEST MIDLANDS 3.9% 3.5% 0.4%
NORTH EAST 0.0% 2.5% -2.5%
ENGLAND 7.1% 5.7% 1.4%
Increase relates to the difference in sold price since lockdown (23rd March 2020 to 23rd Feb 2021) and the equivalent 11 month time period prior (22nd April 2019 to 22nd March 2020)
Data sourced from the Land Registry Price Paid records and excludes properties listed as ‘other’ and includes only single residential sales (E.g not second homes)

This post has originally been featured in Property Wire.