Homebuyers and investors are increasingly purchasing leasehold properties in the North West of England. Recent analysis by easyMoney looked at the number of freehold and leasehold property transactions to have completed over the last 12 months across England and Wales and in specific regions.
This revealed that buyers are snapping up leasehold properties, which are typically flats, in the North West. These figures show that leasehold sales accounted for 22.8% of property transactions across the nation. However, leaseholds accounted for a substantial 35.1% of all property purchases in the North West.
This surpasses the national average by some margin and is also a greater proportion than every single region outside of London, where flats largely dominate the property market mainly due to affordability and space constraints. So, the research suggests that the North West has a thriving market for apartment purchases.
The rise of the North West as a strong economic hub
Buyers and property investors are likely attracted by the fast-developing cities in the North West, in addition to strong affordability and livability found in the region, particularly when compared to London.
This is largely due to the success of the major cities Manchester and Liverpool. Greater Manchester has the second-largest regional economy in the UK. Across the city region, there has been rapid population growth, especially of young professionals.
Jason Ferrando, CEO of easyMoney said: “The North West is fast developing into a hub of economic activity, explaining why workers are buying leasehold apartments in the region.
“For those that can afford it, London continues to lead the way as the leasehold capital of the UK, where over half of the transactions are made using that model.
“However, affordability is key, and many workers are priced out of the capital and search for somewhere new to put down roots, while still being able to benefit from all that living in or near a city offers.
“For them, it seems the North West is the obvious route, where there’s clearly a strong supply of leasehold apartments to purchase at a fraction of the cost of buying in London.”
An overview of Manchester’s thriving property market
In recent years, Manchester’s property market has been booming. It’s often leading the way as one of the top areas to invest within the wider region and across the UK, especially as more development and investment, people, and businesses are continuing to come to the city.
At the same time, there has been such a strong increase in housing demand over the past few years, and the rental market in particular has seen significant surges in demand with supply still not able to keep up.
A number of new high-quality residential developments are continuing to be brought forward in Manchester, and this includes flats with top-notch amenities and leisure offerings with some even leading the way for modern city living.
At Salboy, we have a number of new-build and off-plan flats available across Manchester. If you’re interested in buying within this exciting city, please get in touch with our team of local expert advisors.
