Between January and December last year, the average national property price stayed around the same level, with a marginal decline of -0.3%. Considering that some forecasters expected property prices to drop 5-10%, this was a far more robust performance than many predicted.
While the national average failed to see much growth, multiple regions saw house prices rise significantly.
Scotland saw the most significant price rise in 2023, with the average rising by 4.2%. Meanwhile, the North West was the highest-performing region in England, seeing an average house price increase of 3.2%
Interestingly, Savills recently earmarked the North West buy-to-let market as one to look out for in 2024, expecting returns of 9.2% for investors. Judging by this confidence, it is no surprise North West property performed well in 2023, especially considering that the average property price is considerably less than the national average.
With many people struggling with a cost-of-living crisis, tenants and landlords were forced to look to the less expensive areas for low-risk investments in the UK; as such, the North West, North East and Scotland became much more enticing property investment options, particularly compared to London.
Find Out More: If you’re interested in more buy-to-let insights, check out our guides on buying property through a limited company and how to make money in real estate.