A Tale of Rising Fortunes
As the heartbeat of the UK’s property market quickens, for local first-time buyers and across the nation have witnessed a remarkable evolution in housing affordability. The average price paid by those stepping onto the property ladder paints a picture of both challenge and opportunity.
In 2015, North West aspirant first time buyers paid an average price of £132,948, a figure that, while substantial, was tempered by regional economic conditions and national housing policies. It was a time of cautious optimism, with prices reflecting a balance between aspiration and accessibility.
Leap to 2023, and the average price paid by first-time buyers in the North West has soared to £215,655.
This staggering 62.2% increase is interesting when compared to the national average, which stood at £190,180 in 2015 and climbed to £288,136 in 2023, marking a 51.5% rise.
The rapid appreciation in property values encapsulates Preston and Chorley’s growing appeal and the broadening economic vitality of the region.
The journey from 2015 to 2023 has been one of significant change for first-time homebuyers, with careful planning and an understanding of market trends, local homeowners and buyers can navigate this dynamic landscape to their advantage.
For homebuyers and sellers, these trends are not just numbers but reflections of a changing landscape. They underscore the importance of local knowledge and timing in the property market.
For sellers, it’s a promising sign that their assets have appreciated significantly; for buyers, the data is a call to action to secure a property.
Feel free to give us a call on 01257 273324, if you would like a chat about anything to do with the local property market.
