For those who have invested in a Manchester property in Trafford, the last year has been particularly lucrative. New research from Zoopla has shown that during the coronavirus pandemic, 40% of Trafford homes have increased in value more than the average person living there earned in that time.
A worthwhile investment
Property prices in the Greater Manchester area of Trafford have increased more than the area’s average salary over the last 12 months. For both owner occupiers and property investors in the area, a Trafford property has proved itself a worthwhile investment.
Over the past year, almost half of all Trafford homes have increased in value by more than the £33,700 average salary for the area.
North west price rises
The fortunes of Trafford reflect the performance of the north west as a whole. Other investments into Manchester property have also seen large increases in house price values during the coronavirus pandemic.
In Rossendale and Rochdale, which are both located north of Manchester, property prices have increased by a respective £27,600 and £26,500. While in Tameside, to the east of Manchester, prices have grown by £35,000.
No. 1 Old Trafford
People without a property in Trafford needn’t feel like they’ve missed out though. There are still plenty of great opportunities to invest in Manchester property here, such as through the new No. 1 Old Trafford development scheme.
This apartment building is in a fantastic Manchester location just a stone’s throw from the Old Trafford football ground. Every apartment is luxuriously designed, including stunning floor to ceiling windows to maximise natural light. Residents will also benefit from a 24-hour concierge and rooftop gardens.
Units for buy-to-let investors at No.1 Old Trafford start at just £170,000 with yields expected to be 6%.
Reasons for growth
Gráinne Gilmore, Zoopla’s head of research, said: “There has been strong demand from home buyers in the North West since the housing market reopened after the first lockdown in May last year.
“This demand has been underpinned by people searching for more space, making a lifestyle change or climbing onto the first rung of the property ladder.
“At the same time, the savings of up to £15,000 on offer as a result of the stamp duty holiday in the 12 months to July also encouraged people to make a move. This has put upward pressure on house prices, with values rising significantly.
“When this price rise is translated into pounds and pence, it means nearly a fifth of homes in the North West have risen in value by more than the equivalent of a year’s earnings in the region over the space of 12 months.”
Get in touch
To find out more about investing in Manchester property in Trafford or anywhere else in the area, contact North Property Group now.