It appears that with respect to house price growth, Manchester is the leading major city in the United Kingdom. This is taken from findings from Hometrack with their UK Cities House Price Index which states that property prices in the city have risen by an average of 7% in the past year.
Of course, if you live in or around Manchester and you haven’t experienced this rise in property, you won’t be too pleased to hear about this increase. Selling your home can be challenging enough without hearing about some people prospering while you struggle, but positivity for the overall market should be viewed as a positive thing for most people.
At Spencer Harvey, we do what we can to help you achieve success in the property market and our local knowledge will provide you with valuable information. It is always best to make an informed decision when it comes to selling your home.
Manchester offers many benefits compared to London market
The latest Hometrack figures suggest that the average cost of homes in Manchester comes in at £163,000 while the average price in the capital stands at £491,200. Homes in Manchester offer much more value than homes in London, but the gap is narrowing. After all, London house prices rose by just 0.4% in the same time-frame and in the prime central area of London, prices actually shrunk by 4% in the past 12 months.
One of the most pleasing aspects of this news for Manchester and the surrounding areas is that the growth is expected to continue. This creates a chance for investors to buy with confidence and for people looking for a home to feel as though their purchase will serve as a great family home for many years to come.
Keep in touch with local house prices
Richard Donnell is the Insight Director at Hometrack and he released a statement saying; “We expect house prices to keep rising across regional cities such as Birmingham, Manchester and Edinburgh over the next two to three years. During this time house price growth in London will remain flat, with annual price rises of approximately 0-2%. As a result, the gap between house prices in cities outside of the south-east and house prices in London will continue to contract.”
The company also harked back to the level of house price inflation which was seen between 2000 and 2003 and has remarked that this may give an indication as to what prices may reach this year. The company tipped that prices could rise by 20% to 25%.
As a local estate agent specialising in Stockport and Greater Manchester, it is pleasing to see positivity surrounding the property market in this part of the country. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html