3rd
Apr 2017
Manchester has enjoyed an increase of 40% in residential property sales since 2014. The city is seen as an excellent investment as the average house price is just £151,800 which is much lower than the South of England's cities.
Across the UK's cities the average house price growth is 6.4% which dropped from 7.8% in 2016. Manchester has not had the same increase of other cities in the South that include Portsmouth at 8.1%, Bristol 8% and London 5.6%.
A financial service's director of mortgages, David Copland, said: "Liverpool, Birmingham and Manchester are all experiencing exceptional growth thanks to a booming job market and improved transport links. More people are therefore moving their attention away from the London property market, especially when looking to secure their first home. It will be interesting to see if the northern powerhouses continue to grow at this pace now Article 50 has been triggered; but with investment continuing to flow, I expect this only to continue."
Residential property sales of London and Bristol have remained flat or slightly lower over the last three years, whereas Birmingham, Leicester, Liverpool and Manchester are enjoying considerable booms.
A director for a firm that advises businesses on residential property purchases, Richard Donnell, said: "Levels of housing turnover across UK cities are expected to remain broadly flat over 2017.There is some further upside for sales volume in regional cities but much depends upon how would be buyers respond to external factors, not least the impact of lower real wage growth, the potential for higher mortgage rates and whether demand will be impacted by this week’s triggering of Article 50."
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