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House prices in North West set to 'surge' by 2024, says report

House Prices are predicted to rise in the North West. Credit: PA Images

House prices in the North West expected to rise by 24% by 2024 according to a new report.

The average house price is predicted to be £35,000 higher in five years' time as "Brexit and election-related angst" subsides, according to the report by Savills.

Savills expects the average house price across Britain to lift from £231,000 in 2019 to £266,000 in 2024 - with northern regions out-performing those in the South.

The 'economic pull' of Manchester may be a reason for the expected price rise. Credit: PA Images

Charlie Kannreuther, head of residential at Savills in the North West and West Midlands, said: "The economic pull of Manchester continues to be a major factor in the strength of the North West property market, and we've seen a notable increase in interest from buyers outside the area, particularly from London and the South East.

"Wealth created through jobs in the city tends to migrate south to the outer suburbs and Cheshire villages such as Alderley Edge, Knutsford and Wilmslow.

"The popularity of west Cheshire villages such as Tarporley and Malpas also continues to rise, with increasing demand pushing up values."

Savills added: "Markets further from the capital, such as Leeds, Liverpool and Sheffield, were much slower to recover post-financial crisis and have a much greater capacity for house price growth relative to incomes, even as interest rates rise."

The report expects that the average house price in the North West will be £210,000 by 2024.