House prices in the North West have more than trebled over the past 20 years
In 1999, the average house price in the North West was just over £50,000. Twenty years later, the typical cost for a house in the region was around £164,000.
House prices in the North West have skyrocketed over the past two decades, new data has shown.
Estate agent Coulters Property reported the findings after conducting research on the changing landscape for first-time buyers.
Coulters also found that whilst property costs have risen sharply; earnings have lagged behind.
In 1999, the average house price in the North West was just over £50,000. Twenty years later, the typical cost for a house in the region was around £164,000.
During the same time period, average salaries rose from £16,000 to just £28,000.
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Mike Fitzgerald, Coulters Executive Chairman, said the stats reflected modern disparity between personal income and property prices.
“Although being a first-time buyer is exciting, over recent years, the affordability gap has stretched and continued to do so every year, making it difficult to make the first step onto the property ladder,” he commented.
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“In these uncertain times, these inequalities have been made much more apparent.
“There’s no questioning that wages have increased with the rate of inflation, but have they increased enough? Despite recent schemes such as Help to Buy or part-ownership, house prices are expected to increase, with the possibility of a 15% increase over the next five years or so.”
However, despite the deflating data, Mr. Fitzgerald emphasised that support was available for first-time buyers in Britain.
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“It’s important to seek all the information you can when considering getting a foot on the property ladder and not let the numbers put you off,” he explained.
“There is so much support and often a price bracket to meet first-time buyers’ needs.”
Mr. Fitzgerald continued: “Capital returns on property are traditionally strong, but like all investments the returns need to be measured over a sufficiently long period of time to flatten out short term spikes and dips in values.
“If done sensibly the outcome and rewards are certainly worth it, not only in financial terms but also in the pleasure that home ownership can bring.”
Government announces homebuying overhaul to fix country’s ‘broken’ housing system
Emily Sergeant
The Government has announced what it’s calling the biggest shakeup to the homebuying system in this country’s history.
In a bid to ‘rewire a chaotic system which has become a barrier to homeownership for thousands nationwide, the Government has today (Monday 6 October) unveiled proposals that it says will speed up the long-drawn out and costly process of buying a home by four weeks.
The Housing Secretary says this will not only save people money, but unnecessary stress too.
The proposed new plans would see sellers and estate agents required to provide buyers with ‘vital’ information about a property upfront – including the condition of the home, leasehold costs, and chains of people waiting to move.
It’s hoped this will help end any last-minute chain collapses and ultimately give greater confidence to first-time buyers when they’re making one of life’s most important decisions.
The Government has announced plans to fix the country’s ‘broken’ housing system / Credit: Benjamin Elliott (via Unsplash)
Binding contracts could also be introduced to stop people walking away from agreements after buyers painstakingly spend months in negotiations to hopefully halve the number of failed transactions.
The new reforms are also proposing that prospective buyers are provided with side-by-side information on estate agents and conveyancers, including their track record and expertise, alongside new mandatory qualifications and Code of Practice to drive up standards and work to rebuild trust in the industry.
Prime Minister Keir Starmer took to Twitter this morning to address the proposed new homebuying overhaul, commenting: “I promised that my Government would fix the broken housing system.
“Buying or selling a home will be faster, unlocking the dream of homeownership and allowing hardworking people to focus on the next chapter of their lives. That’s national renewal.”
I promised that my government would fix the broken housing system.
Buying or selling a home will be faster, unlocking the dream of homeownership and allowing hardworking people to focus on the next chapter of their lives.
“Through our Plan for Change, we are putting more money back into working people’s pockets and making a simple dream a simple reality.”
Featured Image – James Feaver (via Unsplash)
Property
Inside the brand-new rental houses at Bolton’s landmark £35m development, Deansgate Gardens
Daisy Jackson
The first residents are in, and the launch of Deansgate Gardens – a landmark £35m development in Bolton town centre – is live.
This impressive new development has brought 167 high-quality rental homes to Bolton, creating a residential neighbourhood that features rooftop terraces, gardens, and stunning communal spaces.
The homes on Deansgate, Bolton have been built specifically for renters, with spacious layouts in an ideal location just a two-minute walk from Bolton Town Hall and a short commute to Manchester.
And, unusually for new rental developments, it’s not all about apartments here (though there are beautiful one- and two-bedroom apartments with rooftop gardens available).
It’s also somewhere you can rent two-bedroom townhouses, and have your very own yard.
Every home is built with energy efficiency in mind, with heat pumps and enhanced insulation, plus rooftop solar panels on selected homes, keeping those pesky bills down.
This pet-friendly development comes from developer Placefirst, and is a key moment in the wider £1bn regeneration masterplan for Bolton.
Inside Deansgate Gardens in BoltonInside Deansgate Gardens in BoltonA spacious bedroomThe rooftop terraceView from the rooftop terrace
Deansgate Gardens is located just opposite the former Beales department store, connected by the train station, bus interchange, and town centre within walking distance.
These stylish new homes are built around a central square and communal courtyards. The result? Somewhere residents can relax, socialise, and connect.
There’s even a dedicated Resident Service Manager and 24/7 maintenance support for peace of mind.
And just a short walk away you’ll find parks like Queen’s Park, plus beautiful routes along the River Croal.
Ready to make these houses your home? Book in for a tour around Deansgate Gardens today HERE.