With some of the UK's major cities, the north-west's economy is worth almost £98 billion. From cosmopolitan Manchester to vibrant Liverpool and the countryside of the Lake District, the region attracts significant numbers of visitors each year as well as increasing investment.
Huge regeneration programmes in Liverpool and Manchester have created diverse and highly successful city centres with a wealth of upmarket residential accommodation, hotels and shops, clubby nightlife and thriving social scenes. All of which helps attract a young professional population. In addition, each major city in the region has a highly regarded university pulling in thousands of students.
To the far north of the area is the tourist draw of the Lake District, one of the UK's most visited national parks. These areas are popular with retirees and the second-home market.
Liverpool was the European Capital of Culture 2008 and as such has seen an enormous amount of investment into infrastructure and events venues. The council aims to grow the number of inhabitants substantially over the next few years with active programmes of investment and construction.
Cheshire has also made a name for itself as the northern equivalent of Surrey, attracting wealthy residents from nearby Manchester.
Types of property
A reasonable amount of property (mainly flats, ex-local authority and traditional terraces) in less-grand areas of Bolton, Widnes, Wigan and Greater Manchester can be found for less than £60,000.
Standard Victorian terraces and small one or two-bedroom apartments are priced from £110,000 in more popular locations. Cheaper properties (maisonettes, one-bedroom flats) in less popular suburbs start from about £70,000. In the suburbs of all cities, expect to pay £165,000 for a standard 1930s home, and £300,000 for four bedrooms. Nice apartments cost around £130,000, with executive-style, city-centre apartments and swish warehouse conversions costing from around £290,000 to well over £500,000.
In contrast, palatial property in popular Cheshire hot spots such as Wilmslow, Knutsford and Altrincham, as well as Didsbury, Hale Barns and Walkden in Greater Manchester, cost from £450,000 rising into the millions.
Cumbria offers small, fairly standard two-bedroom new-builds and the occasional stone terrace cottage from around £140,000, but for something with land, views and character expect to pay upwards of £350,000.
Investment potential
The average house price in the north-west reached £127,400 in spring 2007, according to research by Hometrack. It was the smallest level of growth in the country. Knight Frank's report into the market predicts growth in northern cities over the next two years of no more than four to six per cent, partly as a result of migration of older, more established buyers moving into the rural areas and suburbs. The company also states that it is a harder market now for investors looking for good capital returns and, despite strong markets in Manchester and Liverpool, the margins on rental yields will lessen with property earning a maximum of around five per cent gross.
Liverpool, because of its 2008 City of Culture status, is tipped for increased interest and investment, with several new mixed-use developments planned for the centre. It also remains one of the most affordable cities in the north, though limited availability has kept costs up to some extent.
Popular buying locations
Monied execs and footballers move out to the mock-Tudor mansions of rural Cheshire - Wilmslow is especially sought after. The Chorlton area of Manchester is trendy and popular with a mix of residents, while urbanites have moved into the regenerated Salford Quays, Deansgate and the Northern Quarter. Central regeneration of the more historic quarters in Liverpool is also a success story with revamped Georgian property having tripled in value over the past few years. The city's refurbished docks are also proving popular with all ages of buyer.
The Lake District is a favoured haunt of the second home-set, part-time landlords and the retired. Keswick, Kendal and Ambleside are some of the more popular villages. Like parts of Cheshire, it's an area with a high proportion of wealthy residents.
Up-and-coming areas
New business investment and development in areas of Cheshire and Warrington is likely to affect property markets by bringing new employment opportunities. Regeneration of the old industrial quarter and canal basin of central Manchester is drawing a lot of attention and early investment, with iconic property already commanding high prices.
In rural Cumbria planned new commercial development in areas with little business status may positively affect house prices, which are already reasonably healthy in most places due to the tourism and second-home markets. The redevelopment of Liverpool's centre has created pockets that are sought after by younger buyers and investors, for example around the university, and waterside locations scheduled for revamping.
With thanks to BuyAssociation.
