Greater Manchester’s Average House Price Tops £260,000 for the First Time

April 1, 2022

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Article Summary

Manchester
  • The nearly-13% increase is the latest of seven months of house price rises.

  • The amount of people searching for houses has grown by 25% compared to the same time last year.

  • The short supply of homes is also impacting house prices, with the average property price in Greater Manchester growing by 27% compared to 2021.

Property investments in Manchester are at their most profitable for capital growth, with average house price in the region topping £260,000 for the first time ever. This is off of the back of another bumper month of house price growth in the UK, as property prices jumped by 12.6% in February.

More house hunters

This house price growth is just the continuation of a very prosperous period for UK investment properties. The nearly-13% increase is the latest of seven months of house price rises.

Within Manchester, the increasing value of homes and investment properties is due to a chronic lack of supply and a huge surge in buyer demand. Unlike some predictions, the number of property hunters hasn’t decreased following the end of the stamp duty holiday – in fact it’s increased.

Some Manchester local property professionals have seen the amount of people searching for houses grow by 25% compared to the same time last year. And Purplebricks has reported that properties in Greater Manchester are having over 100 viewing requests.

Booming prices

The short supply of homes is also impacting house prices, with the average property price in Greater Manchester growing by 27% compared to 2021. In February of last year, the average house price in the region was £190,000.

And according to Manchester’s experienced property professionals, these prices show no sign of slowing. The rises are generating even greater demand among first time buyers who are keen to get on the property ladder before prices go even higher. This in turn, pushes prices up more.

The same could be said of first time buyers of investment properties. With house prices continuing to rise, it may be wise to make a property investment in Manchester now to generate the best possible returns.

Impact of homeworking

Following the pandemic, Manchester residents have settled into new working patterns and are looking for properties with room to work from. Buy-to-let property investments in Manchester should have space for home offices to get the most tenant demand and the best rental yields.

What is property investment?

Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. These returns could be in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Individuals or organisations can invest in property, and the investments can be short, long or medium term.

Contact us

To find out more about buying an investment property in Leeds and taking advantage of its incredibly healthy property market, get in touch with North Property Group today.

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