Manchester Property Market Statistics Updates

The property market in Manchester and the UK as a whole is ever changing and this year is seeing increases in price and demand whilst stocks decrease. In this article we will detail some of the key statistics regarding property sales and rentals in England and more locally in Manchester.

Property Sales

Last week on June 22nd 2022 HM Land Registry released their Home Index Report covering statistics from April 2022 regarding the sales market.

Some key statistics for Manchester and the North West some key stats are:

Average house price in Manchester in April 2022 was £221,485 which was a 9% increase from April 2021 when it was £203,153
New build properties in the North West have an average price in Feb 2022 of £308,951 in compared to existing resale properties that have an average price of £197,965. For more information on New Builds VS Resale properties read our blog here.
In the North West the average first time buyer price in April 2022 was £175,743. Whereas the average former owner occupier price which was £237,598
In the North West average cash buyer price in April 2022 was £189,499 compared to average mortgage buyer price which was £219,024

Some key stats regarding England as a whole are:

The average property price in April 2022 was £299,249 up from April 2021 when it was £268,380
The annual price change of a property in England was an 11.9% increase. Below is the change in house price over the last 5 years

Detached Houses saw the greatest increase of property types with an increase of 14.2% in April 2022 to an average price of £471,000
Flats and Maisonettes had the lowest increase of property types increasing by 7% to an average price of £248,000
For other property types Semi Detached Houses saw a 13.2% increase from £252,795 in April 2021 to £286,099 in April 2022
Terraced Houses increased by 11.4% from £218,787 in April 2021 to £243,702 in April 2022

Property Rentals

Recently Rightmove released their breakdown of the UK rental market for Quarter 1 of 2022,

Some of the key rental statistics for Manchester were:

Manchester has been identified as one of Rightmove’s top 5 hotspots with an increase in asking rent of 19.3%
This 19.3% increase in average asking rent has seen the average in Manchester rise from £894 pcm in Q1 of 2021 to £1,067 in Q1 of 2022
The North West as a whole as seen an increase of 12.8% in average asking rent compared to Q1 of 2021 with an average asking rent of £937 for the region
In the North West average landlord yield in Q1 of 2022 is 5.9% which is a 0.6% annual decrease but has it as the 3rd highest regional average behind the North East (6.2%) and Scotland (6.7%), whilst also being higher than Great Britain’s overall average of 5%

Some key stats relating to England’s rental market are:

National average asking rent outside of London has reach a new record high of £1,088 per calendar month (pcm) which is an increase of 10.8% from last years average of £982 pcm
Overall average rents have increased 15% over the course of the last 2 years from when the COVID-19 pandemic begun
Rightmove statistics show that rental demand has increased by 6% over the last year coinciding with a 50% decrease in available properties
March did see an increase in available properties as it saw 5% increase compared to January and a 16% increase compared to February.