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Manchester Property Growth – How is the Manchester Housing Market Performing?

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 to the Manchester housing market, 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. If you’re interested in learning more about the Manchester property market and Manchester average house price statistics, continue reading our helpful and detailed guide.

 

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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, with house prices in Manchester 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 not only the Manchester property market, but the property market of the entire North West.

In 2017, Manchester made headlines for hosting the third most valuable housing market in the UK, with houses in the city boasting a value of £133 billion. This was due to the sharp spike in house prices Manchester saw in 2017, with a 6.92 per cent rise in the twelve months to December. The strength of the Manchester housing market has led to a focus on this Northern city for UK investments, attracting large numbers of investors from around the world.

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 there are some differences in Manchester house prices by area, with larger reported growth in areas like Didsbury.

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.

The average rent in the Manchester housing market 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.

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

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.

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 there are some differences in Manchester house prices by area, with larger reported growth 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.

What Does it Cost to Live in Manchester?

The average rent in the Manchester housing market 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 house prices in Manchester of under £50,000. Some of the lowest property prices Manchester offers can also be found in Gorton and Blackley, where properties have been sold for less than £60,000.

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.

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Significant Growth for the Average House Price in Manchester

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?

Manchester 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 Manchester house prices 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.

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 were the up and coming areas in Manchester 2019?

In 2019, the up and coming areas were 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 gained a reputation as the best up and coming areas in Manchester for 2018 and 2019.

 

How Have Property Prices in Manchester Performed in 2020?

Over the course of 2020, the UK property market has faced a lot of uncertainty due to the Covid-19 pandemic and the resulting nationwide lockdown. Prior to the beginning of the UK lockdown in March, the Manchester property market was performing highly. House prices in Manchester have seen an increase since the end of 2019, growing from a rate of £175,834 in October to £176,296 by January. The UK property market is likely to recover once the situation has improved, and predictions for the Manchester property market forecast suggest that property prices in Manchester will continue rising for many years to come. The quicker the market recovers following the Covid-19 outbreak, the sooner we’re likely to see a rise in the average house price Manchester has to offer.

Ready to Take Advantage of Property Prices Manchester?

If you’re interested in the house prices Manchester offers, and the city’s overall property market strength, contact RWinvest. We have a range of fantastic investment opportunities in Manchester to choose from, based in up and coming areas and with predictions for huge growth. If you’re ready to take advantage of Manchester property market forecast growth predictions and affordable prices, get in touch today.