March Property Market Update
Property prices in Manchester have been reported to have seen the fastest growth across the UK over the last twelve months according to the latest figures from Hometrack. Year on year, the average house price in Manchester has risen 8.0% to March. This is above the national average of 7.7% from March 2016 to March 2017.
At an historic time for the nation where the current Prime Minister, Theresa May, has finally put pen to paper and triggered Article 50, many fear for the future health of the property market. Yet the current figures being recorded around the UK, and in particular Manchester, would suggest that as the famous quote from a certain 1989 film goes, “If you build it, they will come.”
So what did we learn from the property market in March?
- The average price of property coming on to the market increased by 1.3% (£3,877).
- A larger monthly rise in March has only been seen on one other occasion in the last ten years.
- 9 of 10 regions in England and Wales saw price increases this month, Wales being the sole exception.
- The average price of property in Manchester has increased 8.0% year on year to March. This is above the national average which sits at 7.7%.
- The average price of a property in the North-West is now £181,498.
- Average rents in the UK continue to rise but at a slower rate of growth to that seen last year.
- The latest North-West rent figures show a 2.5% annual increase from 2016.
With the first quarter of the year now behind us, the reported average price of a newly marketed property has risen by 1.3% this month (£3,877) according to Rightmove. When you consider that since the start of the decade the average March price rise has been 0.9%, a rise of 1.3% is a strong indicator of the continuing resilience of the property market.
All nine regions in England recorded price rises last month. In the North-West, the monthly price rise was 0.3%, with the average price of a property now £181,498. Year on year, the annual change is +2.3% with the average property in the North-West priced at £177,437 in March 2016.
Not only have asking prices for sale increased, but the latest rent numbers for the North-West have revealed the average rent has also risen year on year. In the North-West there has been a 2.5% rise from March 2016, the second highest in the UK and three times the national average.
Antony Waring, homes4u’s Manchester city centre branch manager commented, “Along with the warmer weather and lighter evenings, spring has also brought plenty of new sales instructions. From a luxury three double bedroom apartment in the Northern Quarter to a large portfolio of two bedroom investment apartments in Beswick. For those looking for a hands off investment opportunity, we have Quay House which offers excellent returns. We also have an exciting new development at Blackley Mere where there are 76 three and four bedroom houses designed specifically with first time buyers and families in mind. We have a wide variety of property to sell across the city and as far afield as Liverpool.
If you are interested in buying a property in Manchester then my advice would be to ACT FAST! Manchester is a city that offers people a great place to live, work, visit and critically a fantastic environment for business. It is also extremely passionate about the future which is shown by the huge amount of construction which is currently going on.”
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 http://www.homes4u.co.uk/valuation and one of our team will call you back. Alternatively, drop into one of our branches or give us a call http://www.homes4u.co.uk/contact-us
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