Rapid Property Growth in Manchester
Manchester sees largest property price increase in the UK
Research conducted by residential property experts, Hometrack, found that the month of February saw a prominent rise in house prices across several major UK cities, with Manchester seeing the fastest property growth by far. House prices are reported to have grown by as much as 8.8% over the last 12 months, resulting in the average house price now standing at £151,800 for the city.
When compared to the same month in the previous year, figures for Manchester saw a respectable 4.9% increase, resulting in the city’s growth levels almost doubling year-on-year.
Other cities seeing strong house price performance include Birmingham, with 7.4% increase, and Liverpool, with 6.8% increase. The average property price increase across all the major UK cities was recorded at 6.4%, pushing growth in Manchester, Birmingham and Liverpool significantly above the UK average.
All three cities outpaced London as house price growth remained below average reporting a 5.6% increase. This news comes as additional research continues to report the slowdown in London and other areas of the south, resulting in buy to let investors favoring the north for property purchases.
Comments from Sequre
Graham Davidson, managing director of Sequre Property Investment, comments on the continuing success seen in the north’s housing market:
“The numbers speak for themselves and it is no surprise that the northern regions are spearheading growth, with Liverpool and Manchester reporting a phenomenal 40% uplift in transactions over the past three years. A combination of low entry prices, high levels of both private and public investment and increased publicity for the north are now turning the predictions that we made years ago into reality, as it proves an attractive place to live, invest in and do business.
“Property investors are flocking here because of the strong rental market, translating into returns that far surpass anywhere in London and the south.”
Have you been considering a property investment in the north? Sequre has decades of experience in the buy to let sector and our expert team can guide you on all the latest trends from the whereabouts of the next investment hotspot to building a multi-million-pound property portfolio. To find out more, call us on 0800 011 2277.