Manchester remains number one city for property growth
A new report has shown a significant rise in house prices across a number of UK cities, with Manchester retaining the highest levels of growth by far.
The house price index from Hometrack found the city of Manchester outpacing all other major regions of the UK, with an annual growth of 7.3%. Compared to the UK as a whole, which saw a price inflation of 4.9%, Manchester house prices grew at a rate that is 2.4% faster than the national average. Birmingham ranked second with a 6.7% house price growth year-on-year.
Falling unemployment rates and record low mortgages are believed to have played a part in the high levels of property activity. As well as being the fastest growing city for property growth, Manchester was also named the third most valuable city in the UK, with a housing economy worth £133 billion.
Having continuously been named as a top buy to let hotspot, the strength of Manchester’s property market was reflected in this latest report and highlights how the city has continued to thrive. Following on from other recent house prices reports, such as the ONS released in September, it’s clear that landlords can still benefit from huge amounts of capital growth by investing in this area.
Graham Davidson, Managing Director of Sequre Property Investment, comments on the continued growth in Manchester:
“Manchester’s successful property market has remained consistent for several years now. Spearheading the way for northern cities, it’s no surprise Manchester has shown impressive levels of growth in the latest report from Hometrack. Unsurprisingly, London is now among the worst performing areas, with minimal house price growth. A saturated market and sky-rocketing prices have clearly taken its toll and it’s safe to say that the south is the place to steer clear of if you’re looking for high yields and significant capital growth. ”
“With other northern cities also shining through for house price growth, such as Leeds with 4.1% and Liverpool with 3.8%, the report and other similar publications have continued to portray the same message; that the north is the best place for buy to let property investment. For several years we have known that nowhere else compares when it comes to the combination of low prices, capital growth and strong returns.”
If you’re looking for a buy to let property investment, talk to the team at Sequre today. Whether you’re looking to supplement your retirement, have an asset to give to loved ones or are looking to generate a secondary income, we can help you find the right property for your personal needs. Our transparent, no-hassle approach means you’re updated on your property purchase every step of the way. To find out more, call us on 0800 011 2277.