Manchester Market Update
As I’m sure you’re aware the Manchester Market has been booming over the last few years. Since 2014 we’ve seen average annual price increases of between 5% and 10% per annum which has been great for our landlords and vendors. It was widely publicised that Manchester properties offered some of the best yields in the UK and we’re seeing a lot of redevelopment across the city giving great potential for capital growth. Manchester was also voted very highly as one of the best places/cities to live in. Consequently, the number of buyers soon far outweighed the level of stock agents had to offer, hence the big surge in prices.
However, over the last 12 months the market has begun to slow down. The property price increases have caused yields to lower and for properties to therefore become a less attractive investment to investors. The price rises have also stretched a lot of buyer’s budgets and in several cases completely priced some buyers out of the market. The second reason is due to the rise in supply, coming mainly from new residential developments and thousands of new apartments coming to the market each year.
The question is when is the best time to sell within this market cycle?
We believe it’s worth considering your options now. There are more and more residential tower blocks being built in Manchester and no signs of it slowing down. This means more and more properties are going to flood both the sales and rentals markets and your property will be facing some fierce competition. Because of this we aren’t predicting that prices are going to rise again in the near future so it’s a good time to consider your options and get to know how much your assets are worth whilst we’re at a peak in the market.
If you need any help or advice the Julie Twist Team are always here to help. Please contact us on 0161 834 8486 or firstname.lastname@example.org
Source: Land Registry
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