Manchester’s property market has enjoyed a well-publicised rise to prominence over the course of the last five or so years. A deluge of companies leaving London and heading north meant Manchester becoming a tech and digital hub, and this saw thousands of jobs created in the north-west, creating demand for rented accommodation that has allowed the market to grow time and again.
And now, according to a new study, such has been the growth in Manchester’s property market, that it now sits in the top three nationwide in terms of overall property value. Given the traditional prevalence of cheaper property prices, this will be a surprise to some that Manchester has managed to soar so high, but for investors who have witnessed its growth, this is just further evidence of how far Manchester has come.
In the latest Hometrack property index, Manchester is ranked as the third most valuable property market in the UK, with a total property value amounting to some £133 billion.
This puts it behind Birmingham in second, where property is worth a total of £152 billion, and London, unsurprisingly topping the list with an overall property value of some £1.99 trillion.
Manchester’s rise to prominence in this list has been aided, Hometrack said, by a sharp rise in property prices, particularly over the last 12 months. The average home in Manchester will now cost as much as £162,000 to buy, which means that over the course of the last year, there has been a quite impressive rise in value of some 6.92 per cent.
It meant Manchester experiencing house price rises that are far ahead of those enjoyed across the UK as a whole, where annual growth in property value was a lot closer to five per cent.
Estate agent Ged McPartlin, from Ascend Properties, speaking of the news, said that it would be no surprise to those who know Manchester’s property market to see it so high on rankings.
“The north is certainly booming as the latest Hometrack report has revealed that Manchester is the best city for growth – experiencing a strong increase in house prices,” he said.
“This, along with the total value of homes being worth a huge £133bn creates a truly thriving property market which is showing no signs of slowing down anytime soon.
Such a quick rise in overall value for the city can only be good news for investors in Manchester, who can now add strong capital gains potential to the list of reasons they are looking forward to the future in the north-west.