The North West soars in leasehold activity
Market analysis by easyMoney has revealed that the North West of England is attracting a substantial amount of leasehold buyers.
The research from the peer-to-peer real estate investment platform showed that while leasehold sales accounted for 22.8 per cent of transactions nationally, in the North West they account for 31.5 per cent.
Strong affordability and the fast-developing pace of the region has attracted buyers, particularly in Bolton, Oldham and Burnley where 27,172 transactions via leasehold were made.
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“The North West is fast developing into a hub of economic activity, explaining why workers are buying leasehold apartments in the region,” said Jason Ferrando, chief executive of easyMoney.
“The success of Manchester and Liverpool has been a trend for a few years, but it seems this growth is spreading to other traditionally less fashionable towns and cities in the North West, with Bolton leading the way when it comes to the highest proportion of leasehold purchases outside London.”
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In London, leaseholds made up over half (50.4 per cent) of purchases. In the City of London every transaction (100 per cent) was made using the leasehold system, while it correspondingly dominated activity in Tower Hamlets (91 per cent), the City of Westminster (88 per cent), Camden (80 per cent) and Hackney (80 per cent).
Outside of London, Bolton has the highest proportion of leasehold purchases at 68 per cent, followed by Oldham (66 per cent), Burnley (65 per cent), Hyndburn (64 per cent), Bury (60 per cent) and Salford (59 per cent).
Purchases via leasehold also made up a substantial amount in the South East and South West at 22.5 per cent and 20.1 per cent respectively, while the fewest leasehold purchases took place in the East Midlands at 8.4 per cent.
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