Property Boom In Salford
Property sales grew at their fastest annual rate for ten years in the six months to September 2013 with the east London borough of Newham and Salford in Manchester seeing the highest transaction levels, research claimed.
It says the housing market revival has spread across England and Wales and is not just concentrated on London and the South East.
The North, the West Midlands, Wales and London were named in the Lloyds Bank research as the regions with the biggest proportion of 'property hotspots.' All towns in these regions recoded a year-on-year increase in home sales.
Outside London and the South East, Salford in the North West was the biggest riser, with a 51 per cent increase in property sales.
A possible reason for this is the recently opened BBC Media City in the Manchester suburb, which brought with it thousands of jobs.
Across England and Wales, 98 per cent of towns were found to be ‘hot spots’ - a term coined for places that saw an annual uplift in sales. A year earlier, just over one quarter of towns saw a year-on-year increase.
In further evidence that the market pick-up is becoming increasingly widespread beyond London, Lloyds said that regionally there has been a ‘remarkable consistency’ in the growth in property sales.
Both the North West and the East Midlands saw a 23 per cent rise in activity. between March and September 2012 and the same period a year later. The North East saw the lowest rise over this period, at 19 per cent.