Homes in two areas of Greater Manchester have been selling in less than a month, findings from Zoopla show. In February, homes in Wigan sold faster than anywhere else in England and Wales, lasting on the market for an average of only 26 days. Following closely behind in second place was Salford, where properties sold in an average of 27 days. Such strong markets spell good things, and should be key areas to look at for property investments in Manchester.
Resilient Manchester Market
These latest results just go to show the resilience of the Manchester housing market and why more investors are deciding to make a property investment in Manchester and its surrounding areas.
During the pandemic, while housing markets in other parts of the country were suffering, Manchester’s property market was going from strength-to-strength.
Rather than leave the city, more people were moving to it, attracted by the better quality of life and lower cost of living than many other large UK cities.
And it wasn’t just people – over the last year increasing numbers of companies announced moves to Manchester. Just one of these was the BBC who just recently revealed plans to hugely expand their presence at Salford’s MediaCityUK.
With such a thriving and resilient market, it’s no wonder that both property prices and rental yields in Manchester are now some of the country’s best. In fact, buy-to-let property investments in Manchester and Salford were recently named the best options for buy-to-let landlords.
Stamp duty effect
It’s likely the stamp duty holiday has also had an impact. In March, Chancellor Rishi Sunak announced the scheme will now continue through June. It was previously due to end on March 31st, meaning many people likely rushed to buy a property during the first quarter of 2021.
With stamp duty suspended on property purchases up to £500,000, investors can now take advantage of the scheme further into the year. If you’re considering using the scheme to make a property investment in Manchester or anywhere else, buy-to-let investors will still need to pay a 3% surcharge on purchases up to £500,000.
Leagues ahead of London
The performance of the Manchester property market is in stark contrast to another UK investment hotspot; London. Not one London borough made it into the top 20 fastest-moving markets in England and Wales.
The quickest sales in London were in the Waltham Forest area, where properties remained on the market for an average of 35 days before they sold.
To find out more about the Greater Manchester housing market and how to make property investments in Manchester, get in touch with North Property Group today.