BBC Move Helps Strengthen North West Property Prices

North West is only UK region to see asking price rises in August. End Quote

(1888PressRelease) November 01, 2010 - The North West of England was the only region of the UK to see an increase in property asking prices last month, according to FindaProperty.com's House Price & Affordability Index.

FindaProperty.com is putting the rise down to the influx of around 2,500 BBC employees moving to Salford's MediaCity UK from London.

While average asking prices across the UK fell by 0.5% in August, prices in the North West rose by 0.1%. It was the only region in the UK to experience an increase in asking prices in the period.

The average property asking price in the North West is £160,825 - up £250 on the month before - compared to a national average of £217,569, which fell over £1,000 on the previous month.

Compared to the year before, asking prices in the North West are up 0.3% whereas the national average was a fall of -0.3%.

Asking prices in London fell more than any other region, dropping -1.5% in August compared to July, and -1.6% year on year.

Nigel Lewis, property analyst at FindaProperty.com, said: "The North West is the most resilient property market in Britain right now. The region is naturally strong because it contains popular areas such as Manchester, Liverpool and Cheshire, but now the MediaCity development is contributing to demand for property and helping to keep prices up."

The BBC is moving several departments to MediaCity by 2012, including BBC Radio 5 Live and its sports and children units.

Case study

Salford-based developer LPC Living is investing £150m in Ordsall, a village just 500 metres from MediaCity. Its latest development, Hulton Square, has been a hit with local first-time buyers as well as those relocating to the city, with 70% of homes already sold off-plan.

Scott Neal, marketing manager, said: "Although it's only a five minute walk to Salford Quays prices in Ordsall are traditionally around 50% cheaper and offer a wider range of properties from apartments to family townhouses.

"Traditionally we've focused firmly on the first-time buyer market but recently we've had a number of reservations from those moving to MediaCity who are attracted to the village community on offer and the proximity to their new workplace. Purchasers are also seeing the benefit of buying off-plan as with completions staggered from this autumn through to summer 2011 they can choose a property to suit their relocation plans."

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