Manchester Property Market Forecast For Strong Growth in 2021

manchester property market forecast guide

After a fantastic year in 2020, the future is looking bright for Manchester. The northern powerhouse is set to see some incredible growth rates over the coming years, solidifying its position as an investment paradise. If you want to learn more about what to expect over the coming 12 months and beyond, keep reading this Manchester property market forecast for 2021.

For many years, the Manchester property market has been recognised for several qualities.

With a thriving music and cultural scene, world-famous sports teams, and globally renowned universities in the heart of Manchester, the city stands out as a top UK destination.

One area in which Manchester is a cut above the rest is with its property market, with the Manchester property market offering plenty of potential for UK investments.

Having grown significantly over recent years, Manchester property market forecast predictions show that the success of investments in the city is set to continue throughout 2021 and beyond.

Contents

Manchester Property Forecast 2021
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Manchester Property Forecast 2021



Manchester Growth 2020
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Manchester Growth 2020



Why Are Manchester Property Prices Rising?
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Why Are Manchester Property Prices Rising?



Manchester Vs London
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Manchester Vs London



This investment guide will explore current house price trends, looking at how the housing market in Manchester will continue to grow and why now is the perfect time to consider investing in this top UK city.

Keep reading to find out more about the latest UK property price forecast and UK house price forecast 2021.

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Manchester Property Market

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Manchester Property Market Forecast 2021 and Beyond

When it comes to property growth, there is no better location than Manchester.

The North West city has dominated growth charts over the last 20 years and has surpassed every other major UK city.

But can this growth continue into 2021 and beyond?

Let’s look at what the industry experts anticipate for the Manchester property market and the wider UK market with the latest Manchester property market forecast 2021 and the UK housing market forecast.

Manchester Property Market Forecast 2021: Property Price Predictions

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Manchester Property Market Forecast 2021: Rental Market Predictions

Beetham Tower, Deansgate, Manchester Beetham Tower, Deansgate, Manchester

The Manchester forecast for rent is equally as optimistic as the house price forecast for 2021.

Savills has predicted that rent across the UK will increase by a sizeable 17% by 2025, set to be in line with rising incomes.

Already in 2021, Manchester and North West rent is surpassing the wider UK average.

According to the Homelet Rental Index, as of April 2021, North West rent has increased by 6.3% year-on-year.

In comparison, the average UK rent has increased by just 2.9%.

Meanwhile, rent in areas like London is dropping, with the capital seeing rent decrease by a staggering 5.3%.

Currently, on Zoopla, the average Manchester property commands monthly rental fees of £1,104.

This means Manchester rent is around 29.43% higher than the average UK rent, excluding London.

If you’re a landlord or investor, you can expect to earn around £13,248 on a single Manchester property without factoring in taxes or costs.

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Manchester Growth 2020 

To give some context behind the growth rates anticipated for Manchester, it’s essential to understand what happened to the UK property market in 2020.

At the start of the year, predictions were strong for the UK.

Savills provided a house price forecast 2020, which said that there would be a 15.1% increase in UK house prices by 2024.

The overall feeling in the UK property market was that growth levels were set to be high after Boris Johnson’s landslide electoral victory in December 2019.

No one could have expected what was to follow, though, with the country hit with an unprecedented lockdown after the rise of the coronavirus pandemic.

Doom and gloom started to be shared about the property market, with activity in property essentially ending overnight in March 2020.

However, despite these claims, the market started to thrive across the UK.

After the first initial lockdown period, and as real estate agents were allowed to sell again, property interest surged across the UK.

As of July 2020, Savills found that property interest had increased by 60% compared to the 12 weeks prior to lockdown.

These growth levels have been so high in the UK that Savills have revised their predictions twice in line with the huge capital growth.

In September 2020, Savills updated their house price forecast 2020 and predicted that house prices will rise in the UK by 20.4% by 2024. In March 2021, the property experts updated their house price forecast 2020 predictions again, with prices now set to rise by 21.1% by 2025.

Manchester Property Prices 2020 Manchester Property Prices 2020

These huge growth levels were mirrored in the Manchester market, which saw significant house price growth over the 12 months in 2020.

The trend shown in Manchester is almost identical across every property type.

While there was an initial dip in the first six months, house prices start to see a strong increase over the latter part of the year.

The average Manchester property initially started at £182,906 before rising to £200,242 in December 2020, a percentage increase of 9.48%.

UK House Price Growth UK House Price Growth

For comparison, in the same period, the average UK property increased by 7.73%, while properties in the city of London increased by just 2.63%.

This growth level also exceeded many other UK cities.

From the data in the table, you can see that Manchester exceeded the growth rates of every other major UK city except Liverpool, a reminder that the North West has seen the highest growth rates in recent years.

With prices rising so high in 2020, these growth rates will likely continue in the coming years.

Manchester Growth Last 5, 10, 20 years

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Why Are Manchester Property Prices Rising

Strong House Price Growth With Affordable Property Prices

All of the latest UK property market forecasts show that property prices and rental prices will continue to climb in 2021 and beyond.

This is especially true in Manchester. Property in Manchester is experiencing a high level of capital growth.

On many occasions, the Manchester property market has been highlighted for its house price growth compared to UK property in other areas such as London.

At the end of 2018, Manchester house prices were found to have grown faster than any other UK city.

This growth continued in 2019 and 2020 and will no doubt continue to do so in 2021. To see the latest data in the Manchester market, check out our brand-new Manchester property market report for 2021.

Savills house price forecast has predicted that North West houses will increase in value by over 28.8% by 2025.

That is 7.7% higher than the average UK property price and higher than anywhere else in the country.

The city is perfect for both buyers and renters.

With UK house prices rising so rapidly, investors would be wise to snap up opportunities in the Manchester property market as soon as possible.

This way, it’s possible to take advantage of the current affordable prices on offer while benefiting from maximum capital growth over time.

By investing in off-plan property in Manchester, this potential growth becomes even higher.

Off-plan properties come with the added advantage of below-market prices, allowing the chance to invest in Manchester property at a lower cost than usual.

According to Zoopla, the average price for a property in Manchester stands at around £243,088 in May 2021.

While that’s still lower than the UK average, off-plan property makes it even more affordable.

With off-plan investments like our waterfront Merchant’s Wharf property, prices are up to 55% below market value.

To top off these affordable rates, off-plan also comes with the possibility of heightened growth.

This is because, by the time the property is complete and ready for tenancy, it could have already increased in value.

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Manchester Property Market More Affordable Than London

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We hope you enjoyed our detailed guide to the latest property forecast in the UK.

The UK property market forecast is incredibly exciting for the future. The property prices forecast is particularly exciting for those looking to make a major profit on their property purchases.

If you’re interested in the latest house price trend and want to take advantage of the oncoming growth in the Manchester property market, be sure to look at our available new build Manchester investment opportunities.

We choose only the best properties in top Manchester postcodes to ensure our clients get the most out of their investment.

For high returns and significant growth in one of the UK’s most promising investment cities, contact our expert sales team today.

For more Manchester property news and information on the latest UK property market forecast, be sure to check out our free investment guides on hot topics like stamp duty.

If you’re ready to start your property investment journey today, be sure to contact our property specialists now.

Our teams can guide you through all the latest options, with prices starting from just £92,950 with massive 8% returns available.

Act fast while stocks last.

Disclaimer: This guide was updated in May 2021. All statistics displayed are likely to change and may no longer be accurate once you read.

New Launch

Merchant's Wharf

Salford Waterfront Apartments

Manchester Prices from £249,950

Up to 6.5% Projected Rental Return

55% Below Market Value

New Manchester Apartments

Luxury M3 Investment

All-New Manchester Development

Manchester Prices from £121,950

5% Projected NET Rental Return

City Centre Location

Off-Market Property

Exciting Off-Market Opportunity

Off-Market Property in Heart of Manchester

Manchester Prices from £265,000

5% Projected Rental Return

Amazing Onsite Facilities