The property market is constantly evolving, with different areas experiencing varying rates of price growth and demand. In a recent analysis of the latest available Land Registry data, Lancashire’s Rossendale and Chorley have emerged as two of the top 10 areas predicted to achieve price growth by the end of 2024. This blog explores the factors contributing to this prediction and the impact of this trend on the region’s property market.
The North West has been identified as one of the two regions in the UK to be in positive house growth since September 2023. Statistics show the average house price across Britain has declined at an average rate of -0.3% per month since this date. However, the past six months has seen average monthly price growth of +0.4% in the North West. At this rate, prices are forecast to grow by +4.3% by the end of the year. Topping the North West list are Rossendale and Chorley, which are forecast to see +14.8% and +14% increases by the end of 2024 respectively.
There are several factors that make Rossendale and Chorley stand out as promising areas for price growth. These include:
Convenience and Connectivity: Both Rossendale and Chorley are located in close proximity to major cities, making them attractive areas for commuters. This proximity, combined with improved transport links, is contributing to their rise in popularity.
Development: Both areas have witnessed significant development in recent years, with the construction of new housing estates, shopping centres, and infrastructure. This growth is driving demand for housing.
Investment Opportunities: Investors are increasingly eyeing Rossendale and Chorley as prime locations for property investment. The potential for capital appreciation and rental income makes these areas attractive for those seeking lucrative investment opportunities.
The prediction of price growth in Rossendale and Chorley highlights the potential in these areas for investors and homebuyers alike.
Lea Hough Chartered Surveyors are ideally placed to offer advice on purchasing property in both Chorley and Rossendale. With nearby offices in Buckshaw Village and Blackburn, our team have a wealth of knowledge about local properties and can easily travel to undertake Property Valuation Reports, Level 2 Surveys and Building Survey Reports.
To discuss the property reports offered by our trusted team of Chartered Surveyors, get in touch.
