Why have house prices risen so much?
House prices have risen so much over the years due to supply and demand. In the UK, many areas, including Manchester, have seen a huge demand for properties. Because there are not enough houses being built to meet this demand, property prices are able to be priced higher.
Other things such as regeneration in the area can also contribute to this growth, and since Manchester is such a thriving city for regeneration and redevelopment, this is a big contributing factor to the rise in Manchester property prices.
What does Manchester population growth mean for property prices?
Manchester population growth contributes a lot to property prices in the area. The more people that live in a city, the more demand there will be for properties, which will lead to significant growth in property prices due to insufficient supply.
Manchester’s population has grown rapidly over recent years. From 2015 to 2018, Manchester population growth was around 95,144. As of 2018, Manchester boasts a population of around 534,475 – a figure that’s predicted to increase by more than ten per cent by 2034.
While a higher population means an increase in house prices in Manchester, it will also cause the average rent in Manchester to rise. This is good news for buy to let investors, resulting in a boost in the already high rental yields in the area.
What is the future Manchester property market forecast and will house prices rise in Manchester?
The Manchester property market forecast suggests that house prices in the area will continue to grow. By 2028, Manchester growth is predicted of around 57 per cent, which is the largest figure compared to any other UK city. The north-west region as a whole is expected to rise dramatically and exceed any other region, with a boom of 18.1 per cent by 2022.