So Emily and Lee, a kitchen designer, started to look at better value alternatives. Emily had fond childhood memories of visiting Rawtenstall with her parents and thought it would be an ideal place for Jack to grow up. “It felt like it would be the kind of place where it would be easy to get to know people,” she says.
In late 2019, the couple moved into their three-bedroom house, which cost £125,000 and meant they were able to keep the flat in Bury. Renting it out pays for Jack’s nursery, and Emily has become firm friends with many of the other mums.
The family loves being close to glorious open countryside too, and although it wasn’t a strategy, they are thrilled by how well their property investment is doing. “Last time I had [the house] valued it was worth £185,000,” says Emily.
The effects of the North-South divide
The Hamptons research reveals a clear North-South divide in property fortunes, with growth strongest in the North West and Wales.
The East Midlands has also performed reasonably well, with three locations – Bolsover in Derbyshire, Broxtowe, west of Nottingham, and Leicester – all enjoying double-digit price growth once inflation is factored in. In the West Midlands, Dudley and Sandwell, both north west of Birmingham, have also seen price growth above 10pc.
Redcar and Cleveland in the North East have enjoyed real price growth of 11.8pc, while in Scotland Falkirk (up 13.3pc), the Scottish Borders (up 12.6pc) and the Orkney Islands (up 10.8pc) are also in double figure territory.