Do You Want to Enter the Manchester Property Market?

Do You Want to Enter the Manchester Property Market

The city of Manchester is exuberant, multi-cultural and is overflowing with personality, so why not get your foot on the property ladder within Manchester right now? Known throughout the world as being the birthplace of the industrial revolution, this bustling metropolitan borough within Greater Manchester has deep history in many different aspects; sport, arts, politics, music and science are among a few of areas where Manchester is steeped in history. With a population of over 500,000 people, this city also possesses a competitive property market.

Whether you’re looking to acquire a property investment, or whether you want to purchase a property to make your home, there are plenty of opportunities to do so, and we’ll provide you with vital information to make your life that much easier. Manchester attracts many people to buy properties within the region each year, not only because of its history, but because it also boasts of numerous diverse and varied restaurants, hotels, museums, bars, shops and galleries.

 

Prices

According to Hometrack, extensive research that they carried out revealed Manchester property prices are on the increase whilst by contrast, property prices in the South are declining. Richard Donnell, insight director at Hometrack, said, “Buyers outside the South of England appear to be shrugging off concerns over Brexit and a squeeze on real incomes to take advantage of low mortgage rates. This is shifting the dynamics of the housing market. Cities that have been driving house price growth over the last two to three years, such as London and Cambridge, are now seeing a significant slowdown, while large regional cities continue to register robust and sustained levels of house price growth.”

Due to this, Manchester is now reporting average house prices of £153,000, which is an 8.8% increase from the previous year. This percentage, 8.8%, is the highest increase out of all the 20 major cities which Hometrack analyse.

 

Best way to secure your property

Nowadays, there are numerous ways to purchase a property, especially in a bustling, vibrant city such as Manchester. Many people opt to go down the route of sourcing and purchasing a property online or through their phone, generally due to the comfort and ease of doing so. And whilst this can be very advantageous, the delay between being alerted to a potential property and then making the phone call and viewing the property can result in missed opportunities.

So, sometimes choosing a more traditional, proven method such as liaising and building a trusted relationship with a reputable estate agency can correspond to your perfect property purchase. This can not only propel you above other buyers in the Manchester property market, but also allow you to discover opportunities and get your foot in the door quicker. Property guru, Phil Spencer, of TV’s Location, Location, Location, says, “My advice is don’t rely on technology, build up your relationships with the estate agents, because they are your access to the market, and if you need to get ahead of other buyers in a popular market, that’s the way to do it.”