North West house prices on the rise
The price of property in North West areas like the Wirral has risen dramatically during the last year, in line with much of the rest of the UK, a new report from the Office for National Statistics (ONS) has revealed.
The latest data shows an increase of £5,000 in the average price of homes in the North West of England, which means they rose to £150,000 from £145,000 during the 12-month period up to June 2014 – a spike of 6.2%.
The upward momentum in house prices in the Wirral and other parts of the North West parallels the national situation; from May to June of this year alone, there was a UK-wide increase of 0.5%, with the steepest upward curves occurring in the South East and London. This makes purchasing a home harder for many first-time borrowers, as housing charity Shelter’s chief executive, Campbell Robb, pointed out:,
“Today’s house price hike is yet another blow for people across the country desperate to put down roots and create a stable home.”
What the steady increase in house price rates across the North West and other areas of England also means is that many of those who might previously have sought to move to bigger homes, are instead looking to renovate and add extensions to their existing properties – using reputable companies capable of handling everything from foundations to turfing in the Wirral and nearby areas.
With the ONS report showing that those looking to buy a new home in England face having to pay 12% more than they would have done only a year earlier – the sharpest annual rise in four years – it is likely that this shift towards improving existing homes will continue in the North West and many other parts of the UK.