Property sales in Salford increase by 23%
Research from the Halifax has named Salford as the 2015 property hotspot for the whole of England and Wales.
Property sales in the city of Salford rose by 23% last year, making it the area with the largest total volume of sales. The survey compared the number of house sales which took place in the eight months to August 2015 with those that progressed during the same period in 2014. The report also found that several other towns across northern England have seen house sales grow in the past year, while southern cities saw the biggest decline of property sales. Areas of central London are amongst the worst-performing with an estimated 30% fall in the number of sales when compared to 2014.
Experts have expressed concern over the current housing shortage causing a frenzy of property sales due to supply & demand however, it is also believed that cities and towns in the north of England are seeing a greater level of sales due to their reputation as buy to let “hotspots”. This is in addition to property in the north being available at a much lower price point than the south.
The news follows on from recent data which showed that northern cities housed some of the best performing buy to let properties in the country due to a combination of higher yields and affordable property prices.
Graham Davidson, managing director of Sequre Property Investment, comments on the increase in sales –
“Despite the regeneration of MediaCityUK and Salford Quays being completed several years ago, the area is still clearly having a large impact on the housing market for Salford and its surrounding area. With Salford now being home to the BBC and ITV studios, employment rates have increased dramatically and therefore property and tenant demand has followed.”
“Anyone looking to purchase a buy to let property would be wise to strongly consider the north. Cities such as Manchester, Liverpool and Leeds have all been named as investment hotspots due to heavy regeneration activity, growing demand and high yields – something the likes of London simply cannot offer.”
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