This is great news for the people already living there and makes it an attractive prospect for people to either move to or invest in. Along with the rising appeal there is also rising demand for people to live and work there, and this has ensured Manchester’s property market has stayed buoyant after the end of the stamp duty holiday.
The city was named the 3rd best city in the world in a recent survey by Time Out, beating London, New York and Barcelona in a poll of 27,000 people. Andy Burnham, the cities Mayor, waxes lyrical about what it is that makes the city so great, from the music scene, sense of community and the culture available.
Manchester has long been known for its friendliness and has also been named as the most liveable city in the UK on a number of occasions. As well as being voted a great place to live, Manchester was also ranked as the friendliest large European city for business in research compiled by fDi Intelligence. All of these factors combine to make Manchester a very desirable place to live, work, socialise and invest.
In Zoopla’s 20-city House Price Index, Manchester is home to the second strongest house price growth in the past year with a 7.7% rise. The average price of property is £193,900 there, which is still considerably below the £234,000 UK average. This means that while prices have increased, it is still an attractive proposition for people to buy here. As well as people looking to purchase a home, the rental market is also proving to be strong here, making it an ideal city for investors. With more business choosing to move to Manchester, rental demand is likely to increase as the work draws people in from across the region.
If you are interested in buying property in Manchester you will be pleased to know that although house prices are experiencing a positive upwards trend, they still sit below the national average of £320,000 across England and Wales. The majority of sales in Manchester during the last year were semi-detached properties, selling for an average price of £267,629. Terraced properties sold for an average of £207,841, with flats fetching £197,619.
As with all cities, some areas will be more in demand and therefore more expensive. An independent surveyor will be able to provide you with a market valuation for the property as well as a survey on the house that will give you a much more informed decision about whether or not to proceed with the purchase. Knowing what condition the property is in will put you in a strong position to renegotiate the price if there are issues that will need addressing.
At Avery & Co all of our surveyors are RICS registered and have good local knowledge of the area. We have surveyors based in Manchester who would be able to provide you with surveying and valuation services and discuss their findings with you to ensure you fully understood their contents. If you are considering a purchase in Manchester, please do get in touch, we would be happy to help.
Sometimes the purchase of your home may fall through. If you have previously booked a HomeBuyer Report with us, we will offer you up to 10% loyalty discount* off your next survey. Just Quote "PROMO10" and we will be happy to help.PROMO10