August Property Market Update
August’s report from Rightmove has revealed the average asking price of property coming to the market has dipped 0.9% from July. However, year to date the average house price is 3.1% higher than the same time last year.
The average annual rental price has also risen, 2.8% from last year. The North-West is leading this growth with an increase of 3% in rental values from 2016 which has lead to major cities like Manchester becoming one of the countries number one investment choices.
August in stats:
- From August 2016-August 2017 average house prices have risen by +3.1%.
- In August, the North West has seen the highest increase in average house prices in England of 0.9%
- The average property price in the North West now stands at £188,592.
- Annually, average prices have risen 4.7% in the North-West of England.
- Outside London, rental asking prices rose 2.8% in the second quarter of 2017.
- The number of properties available to rent is 7% higher than this time last year. (excluding London)
- The North-West saw the largest growth in average rental prices for the second quarter of 2017 at 2.9%. (Outside of the South East)
- Oldham and Stockport are in the top five most in demand areas in the country outside Greater London.
- According to Rightmove, the best choice for renters in the North can be found in Salford.
SALES MARKET REMAINS STEADY
As we now get to near the end of the second quarter, it is clear that the property market has remained strong in 2017. A slight price fall in August is expected with both buyers and sellers distracted by summer holiday season.
According to Rightmove the average asking price of property coming to market this month has fallen by less than a percent. The average asking price of property in England and Wales has decreased 0.9% from July, down £2,758 to £313,663. From this time last August, average national asking prices have increased 3.1%.
In the North-West, the average asking price has also seen growth year on year and at a higher average than that seen across the majority of the country. The rise of 4.7% annually (+£8,446) has left the current average asking price in the region at £188,592.
This two bedroom semi-detached home in Grove Village is currently just under the average asking price at £175,000 and ticks all the boxes for a first-time purchase. http://bit.ly/2wxYvBI Take a look and book your viewing for a closer inspection.
NORTH-WEST LEADING THE WAY FOR RENTAL GROWTH
From the rentals market, it is a similar story in the North-West. The region has seen the second highest quarter rental growth at 2.9% and the highest annual rental growth across the country with an increase of 3% on the second quarter of 2016. This equates to a rise of £19 from £633 to £652.
Rightmove has stated that Salford is ‘the best choice in the North of the country for renters.’ The average asking price of a two bedroom property in Salford will set you back £842 per month. For just a little more at £900 pcm, you could call this apartment in Salford home in the City Lofts building on The Quays: http://bit.ly/2vl4gO8.
INVESTMENT DOESN’T LOOK LIKE SLOWING DOWN
As well as house prices and rental growth Manchester is still seeing a lot interest from an investment point of view. If anything demand and interest has peaked over the summer months and throughout 2017 as Manchester gains from London’s woes.
With a surge of transactions, house prices in Manchester continue to be one of the fastest rising in the country. This doesn’t look like slowing down any time soon with a reported over 100 developments currently under construction around the city centre and the Salford areas.
Our Senior Sales Negotiator and Valuer John Temperton commented, “It has been all go in the city centre of Manchester over the last few months. The market continues to be flooded with demand from both buyers and sellers as investors look further north for their property investment. In the month of July alone our city centre branch has conducted 23 appraisals and had 13 instructions.”
John continued, “We are currently experiencing an extremely high demand on our investment properties in the Manchester area. Investors are seeing Manchester as a sound investment with high yields and good rental potential. In the last week we marketed a two bedroom apartment on Oxford Road and within 24 hours we have received multiple offers and 11 viewings have been arranged.”
If you are looking for a property to let or buy, please visit our property search pages where you can view all our current availability. If you would like to be kept up to date with new instructions and price changes simply register in our members’ area or contact our friendly team in branch.
Would it help you to know how much your home is worth? Whether you are considering selling, or just out of interest one of our valuation specialists can visit your home without obligation to provide you with an up to date valuation for sale or for rentals. It’s easy to arrange, simply complete our online form and one of our team will call you back. Alternatively, drop into one of our branches or give us a call.