Levelling Up to give house prices an average 3.6% uplift

The government’s heavily publicised Levelling Up initiative could benefit the UK’s overall property market by approaching £96 billion, it’s been claimed.

Some 96 locations across the UK have been earmarked forregeneration projects, plus scores of other areas have smaller initiatives. 

Developer StripeHomes has analysed the existing and potential future values of properties in the areas, concluding that the average homeowner in a ‘level up area’ could see the value of their home property by £8,022. 

Extrapolating this across all areas means the benefit in terms of bricks and mortar value could be £58.7 billion.

Yorkshire and the Humber is the region set to enjoy the biggest uplift. Eight areas in the region have been earmarked by the government for levelling up and StripeHomes estimates that this regeneration could add over £9 billion in value to the regions property market.

The East Midlands could also see a huge boost of almost £8.5 billion followed by Scotland, the North West and the West Midlands - those three each over £6 billion.

StripeHomes managing director James Forrester says: “Any level of regeneration will always have a positive impact on the surrounding property market and on average, house prices tend to climb by around 3.6 per cent. 

“While this may sound like a modest increase for the individual homeowner, it’s a pretty staggering boost to the market when you consider the overall impact.

“It’s also reassuring to see that the intention to spread opportunity and prosperity to all parts of the UK is there, with London taking a bit of a backseat in terms of focus.”