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North-west house prices up by 4.5%, says FT

15/01/2008


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House prices in the north-west grew by an average of 4.5 per cent in the 12 months to December, according to the latest FT House Price Index.

This represents the fourth-smallest annual house price growth in England and Wales and is likely to be welcomed by first-time buyers who have seen national inflation rise by 7.9 per cent.

And in Greater London, house price inflation climbed to 17.4 per cent over the same period, which raises the possibility of first-timers and key workers leaving the south-east and moving north to large urban areas like Greater Manchester.

According to the Land Registry, the average house price in the Manchester area stands at just over £129,300, compared with £355,643 in London.

But those who are struggling to afford even Liverpool property prices are likely to welcome plans by Manchester City Council to build more affordable homes by establishing local housing companies in partnership with private developers.

More recently, housing minister Yvette Cooper announced that nurses, teachers and other key workers are to be provided with support to help them onto the housing ladder by means of a low-cost homeownership scheme.

It means key workers and first-time buyers could potentially buy a house worth up to £200,000.

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