House prices in Manchester are rising faster than anywhere else in the country, according to property analytics company Hometrak.
With Manchester prices increasing at a whopping 8.8% per year, even the capital is lagging behind with a growth of just 5.6%.
Although Manchester is benefiting from tremendous growth, first time buyers may feel relieved that the average home across the city is still cheaper than the national average.
In Manchester, the average house costs just £151,800 compared to an average of £200,000 across the whole country.
Nevertheless, there have been reports of fierce competition among home buyers, with many battling it out to secure their dream home.
News of Manchester’s fast property growth comes just weeks after Sale was named the fourth nicest place to live in the UK. The Trafford suburb has been praised for great schools, three Metrolink stops and popular beauty spots such as Sale Water Park.
Sale isn’t the only town helping to increase property demand in Manchester. Didsbury, Chorlton, the Heatons and Prestwich are just a few suburbs celebrated for having everything you need all under one roof. Not only do these areas have great schools and reliable transport links, they also boast a wealth of trendy bars, restaurants, cafes and shops.
Many believe the BBC’s move to Salford Quays has also played part in Manchester’s property boom. With the BBC now employing more than 3,000 people in Media City, many Londoners moved up north to be closer to the media hub. And it seems plenty of others are now following suit.
Here at Philip James, we pride ourselves on helping buyers, sellers and investors make the most of Manchester’s booming property market. Whether you’re a first time buyer looking to purchase a one bed flat in Salford Quays or a home mover searching for your forever home in West Didsbury, we can help. To learn more about our estate and letting services, please get in touch with our team.