We are used to seeing headlines about the housing and mortgage markets and high-end properties in London but there are some other significant regional differences hidden within the statistics. UK Finance collates very detailed data from a wide range of market participants and has done some analysis of what marks out the Northern Powerhouse. See our Northern Powerhouse mortgage statistics 

In general, compared to London and the South East, recent trends in the housing market in the Northern Powerhouse region have held up due in part to better affordability. For instance, the North West, Yorkshire and Humber and the North East all recorded faster growth in the number of first time buyers (FTB) last year than the national average, but interestingly, it was the suburbs and rural areas rather than the big cities driving this - with the notable exception of Hull, a city with strong affordability which perhaps benefitted from the profile of its status as City of Culture in 2017. By contrast there was a decline in FTB in Liverpool and Newcastle as price rises dampened demand.

The North and Hull particularly also comes out strongly for home-movers with Leeds, Liverpool and Manchester also showing growth. Of course, this combination of first-time buyers and movers helps to create that dynamic market. One of the real challenges that much of the rest of the UK faces is that people may not be living in the most suitable accommodation for them - whether to support or growing family or older people needing better facilities and locations for their needs.

Meanwhile the buy-to-let market went into reverse after a sustained period of growth, following tax and regulatory changes. Activity was down more than ten per cent last year at the national level, but the slowdown has not been as pronounced in the Northern regions. Indeed, there was even growth last year as Hull, Liverpool and Newcastle bucked the trend. Yields have tended to be better in the north insulating landlords from the additional costs.

The good news is that barriers to home ownership and to moving home are much lower in the North than in other regions, helping to drive the economy.