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Aptly named the UK’s second city next to London, the Manchester property market is thriving. One area that’s recently gained a lot of attention is Manchester house prices, as property prices in this Northern hotspot have risen drastically over recent years, with predictions to increase even further.

In this guide, we’ll take a look at data that outlines this growth and makes Manchester property investment such an exciting prospect. We’ll also explore past house price trends in 2017, details on the property market in 2018, and Manchester house price trends of the last 10 years.

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Manchester property prices

Manchester property prices have grown in value by 7.4 per cent annually. That makes Manchester the fastest growing city, outranking London and the rest of the UK. Following these high rates of growth is Liverpool which increased by 7.2 per cent, revealing the strength of the north-west property market.

What’s the average house price in Manchester?

According to Go Compare, the average house price in Manchester is £173,381. Prices vary by location, with some Greater Manchester areas such as Leigh offering prices as low as £39,000 for a studio flat, while house prices grow larger in areas like Didsbury.

How do house prices in Manchester compare to the rest of the UK?

Manchester house prices are highly affordable when compared to other major cities in the UK. House prices in Manchester are cheaper than those in London where the average is £484,173, Leeds which has an average of £178,735, and Bristol with an average of £275,193. Liverpool is one of the only other major UK cities where property prices are lower than Manchester, at £130,677 on average.

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What does it cost to live in Manchester?

The average rent in Manchester costs £602 based on the average price to live in the top ten Greater Manchester areas. Manchester city centre and Trafford have the most expensive average rent, costing £775. In Rochdale and Wigan, average rent costs £475, while Salford is somewhere in between with an average rental cost of £675.

Lowest Manchester house prices by area

The lowest Greater Manchester house prices by area tend to be in more suburban areas. Leigh, Wigan, Bolton, Rochdale, and Stalybridge all offer properties for under £50,000. In the Manchester area, some of the lowest house prices can be found in Gorton and Blackley, where properties have been sold for below £60,000.

Manchester housing market UK 2017

In 2017, Manchester made headlines for hosting the third most valuable housing market in the UK, with houses in the city having a worth of £133 billion. This was due to the sharp spike in house prices Manchester saw in this year, with a 6.92 per cent rise in the twelve months to December.

How did house price trends 2017 impact Manchester?

Manchester house price trends for 2017 helped to encourage a future focus on Manchester as a property investment city. Manchester’s property market has continued gaining momentum ever since 2017 and is now one of the top property hotspots in the UK.

Manchester’s average house price increase per year

Manchester house prices have experienced a year-on-year increase. According to data findings from Zoopla, the value of residential properties in Manchester has risen by around 5.1 per cent year-on-year in the twelve months to May 2019.

What is Manchester’s average house price increase over the last 10 years

Manchester’s average house price increase in the last 10 years – from 2009 to 2019 – was 57.8 per cent. This percentage goes to show how much the average house price Manchester generates has grown yearly, and hints at similar growth in the future.

What were Manchester house price trends in the last 10 years?

Manchester house price trends in the last ten years revealed that Manchester started to gain speed when it comes to house price growth. This trend of Manchester growth was likely to have been boosted by the growing interest that Manchester has received throughout the last ten years.

What were the up and coming areas in Manchester 2018

The up and coming areas in Manchester for 2018 were those with the highest rental yields, including Salford, Tameside, and Manchester city centre. These areas have a lot of potential in terms of growth and opportunities, and still continue to develop as property hotspots to this day.

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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.

Why Invest In Manchester

When it comes to buy to let, Manchester growth is also expected for rental yields. The average rental yield in Manchester currently stands at 5.55 per cent. Over past years, rental costs have increased, having recently grown by 5.76 per cent. This goes to show that high levels of demand for Manchester rental properties have led to higher rental prices, which ultimately leads to some attractive yields. With such big plans for regeneration in store for Manchester, combined with a thriving business scene, the buy to let market in Manchester is sure to generate high yields for many years to come.

What are the up and coming areas in Manchester 2019?

In 2019, the up and coming areas remain those within buzzing regeneration hotspots like Salford and Manchester City Centre. With buy to let, investors tend to focus on purchasing properties in areas that attract a lot of demand from desirable tenants like young professionals or students. Since these two areas are home to a wide range of business opportunities, along with being close to the city’s universities, they deserve a mention for up and coming areas in Manchester for 2019.

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