Halifax’s monthly House Price Index figures have revealed a nationwide growth in house prices. Although this is a seemingly positive outcome for the property industry, it is not inclusive of how individual areas of the UK are performing.
There’s been a continuous decline of house prices in London, with a lack of affordable properties driving more and more people out of the city. However, the northern property market tells a different story, with 10,200 people having left the capital last year to move to Manchester.
As an agency that specialises in the built environment, we know that the Manchester property market is thriving. With so much to offer, it’s no surprise to us that it’s superseding other major UK cities.
Manchester’s property market is booming, with prices growing by 34% over the last three years. Increased housing demand, combined with a steady growth in population, have made it a fantastic place to invest. Property experts around the globe are moving into the city to reap these benefits.
A bright future
There is an abundance of opportunity surrounding buy-to-let and HMO properties in Manchester, as it is home to over 85,000 students. Local hotspots, including Salford and Fallowfield, are massively sought-after areas, offering ongoing opportunities for financial rewards thanks to their strategic locations.
Properties on the periphery of the city centre have lower costs and strong transport links, making them equally advantageous and destined for high rental yields.
Foreign investors have already spotted the potential for high ROIs in the Manchester property market and poured money into many of its residential and commercial spaces.
Dubbed as an economic powerhouse, with high rates of employment and large-scale regeneration transforming the city, Manchester has easily become one of the most desirable places to live and work in the UK.
Although this may not have shone through in Halifax’s monthly House Price Index, it’s evident that Manchester is an innovative, forward-thinking city where housing demand is rocketing, making it an exemplary choice for property developers worldwide.