07/05/2025
Much has been written in recent months about the state of the UK’s property market, with April’s changes to stamp duty land tax (SDLT) prompting a flurry of transactions as buyers sought to beat the deadline.
Now that the dust is settling, the real impact of the increased rates will be felt over the coming years, with first-time buyers likely to be most affected.
However, early signs suggest that the housing market in the North West will remain resilient, and there are many reasons to remain optimistic about the prospects for getting on the housing ladder in the region.
In this blog, our experienced Residential Conveyancers consider the state of the property market in the North West and consider whether now is a good time to buy.
1. House Prices.
House prices in the North West were an average of £252,427 over the last year, according to Rightmove.
The majority of properties sold in North West during the last year were semi-detached properties, selling for an average price of £251,123. Terraced properties sold for an average of £178,628, with detached properties fetching £417,924.
The average house price in Greater Manchester was slightly higher (£270,032), which was more expensive than nearby Lancashire (£209,771) and Merseyside (£226,636), but cheaper than Cheshire (£317,973).
The most expensive area within Greater Manchester was Bowden (£832,844) and the cheapest was Farnworth (£176,290).
Most of the sales in Greater Manchester over the past year were semi-detached properties which on average sold for £281,793. Terraced properties had an average sold price of £209,066 and detached properties averaged at £440,641.
North West property prices have surged by around 29% since March 2020, according to the latest figures from home.co.uk, compared with the national average for England and Wales of around 15% growth.
2. Investment Opportunities.
Both Manchester and Liverpool have been favourites among property investors for a number of years, and this trend shows no sign of slowing.
Liverpool has embarked on various major regeneration projects in recent years, which have driven up house prices in the city, with the ongoing Liverpool Waters project transforming the city and continuing to create opportunities for investors.
Manchester has also numerous exciting regeneration projects taking place in and around the city centre, boosting its appeal for buyers and tenants, with its appeal reinforced by major transport improvements, such as the city’s Bee Network.
A recent report from the Buy Association believes that this will result in the region continuing to lead the UK property market, with Savills’ predicting that the North West will see house price gains of a cumulative 29.4% over the next five years, more than anywhere else in the UK.
The article also picks out the Greater Manchester town of Stockport as an “up-and-coming location”, with the report highlighting the area’s “pipeline of upcoming regeneration projects”, which are attracting “a growing number of businesses, investors and residents”, as one to watch.
3. Support for First-time Buyers.
From 1 April 2025, the 0% SDLT threshold was reduced from £425,000 to £300,000 for first-time buyers, meaning that those looking to take their first steps on the property ladder go from paying nothing in stamp duty on a home worth £425,000 to now paying £6,250.
However, it is not all bad news for first-time buyers.
Since last summer’s general election, the government has pledged to build 1.5 million homes over the course of the parliament, with the North West having an annual housing target of 34,678.
Between 2023 and 2024, 26,870 new homes were built across the region.
Increased housing stock will help moderate prices, which is likely to work in favour of first-time buyers.
First-time buyers will also receive a boost from the Leasehold and Freehold Reform Act 2024, which received royal assent at the end of May 2024.
The Act aims to make leasehold properties more appealing, including by making it easier and cheaper for leaseholders to buy their freehold and increasing the standard lease extension terms to 990 years for houses and flats.
Conveyancing Solicitors North West
At Russell & Russell, our Residential Property solicitors help buyers navigate the conveyancing process to ensure a successful completion.
Our experienced team of solicitors offer efficient, convenient and cost-effective conveyancing services to clients in Bolton, Atherton, Bury, Chester, Farnworth, Horwich, Middleton and across the North West.
The firm is accredited under the Law Society Conveyancing Quality Scheme, which is the recognised quality standard for residential conveyancing practices.
For more information, or to speak to one of our specialist conveyancers in Chester, Bolton and across the North West, please get in touch with Russell & Russell Solicitors. You can call us on 0800 103 2600 or make an online enquiry.
Please note that this article is meant as general guidance and not intended as legal or professional advice. Updates to the law may have changed since this article was published.