The results from a new study that has been carried by Hometrack has shown that Manchester boasts the third most valuable property market in the UK.
Research that was carried out on the top 20 cities in the United Kingdom concluded that Manchester was at the top of the pile. It also discovered that houses in the city are worth a staggering £133 billion. This does place Manchester behind the likes of Birmingham and London, who have an estimated housing total of around £152 billion and £1.99 trillion, but there has been a sharp rise across Manchester as a whole.
Property values in the city have risen by as much as 6.92% over the past year and the average home in and around Manchester now has the valuation of around £162,000. Manchester is a part of a nationwide growth in house valuations. The UK saw an average increase of 5.14% from July 2016 onwards. This means the average house price increased to around £226,185.
The report also found that the total valuation of all homes across the United Kingdom is around the £3 trillion mark, with almost two thirds of that total being collected from London. Estate agent Ged McPartlin who works for Ascend Properties has said that the news regarding Manchester’s housing boom comes as no surprise to him and his colleagues.
He stated how: “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 continued to describe how: “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. From an agent’s point of view, these figures truly reflect what we’re seeing in the marketplace.”
Mr McPartlin continued to describe how: “Buyers understand that the market is moving fast, competition is rife and it’s generally fastest fingers first. The demand has continued to push prices up and the lack of stock has created marketplace urgency.” He concluded by stating: ‘There’s also been an increase in landlords snapping properties up in the city, particularly throughout June, July and August, as the new university year creates a rush of tenants desperate to secure a decent property before the term starts. It’s been a very busy summer and the growth reported today clearly reflects this.”
This rise in property valuation comes in partnership with the decreasing of unemployment rates and the fall in many people’s mortgage rates. Overall, it’s a very positive time for Manchester’s housing market and developments and it seems to be a trend that will continue into the next calendar year.