Manchester and Birmingham set for faster growth than rest of the country as property value rises in northern England
The north-south divide in house prices is beginning to narrow as the booming London property market fizzles out, according to experts who forecast parts of northern England are set to maintain a recent increase in value.
Growth in house prices in the capital is expected to slip below the national average, continuing a slide triggered by the Brexit vote. This will result in further downgrades in parts of the city with the greatest concentrations of luxury flats, the experts said. Meanwhile, major regional cities such as Manchester and Birmingham and their suburbs are expected to grow faster than the rest of the country, albeit rising from a lower level than London.
Nitesh Patel, a housing economist at Halifax bank, said: “Affordability issues suggest that price growth will continue to remain low. [But] outside London, there are few signs of significant stresses.”