Manchester Grows with New Commercial Site Developments
Manchester Developments
The current market offers greater opportunities for first-time buyers where the year-over-year price increased in the cities such as Manchester and Liverpool. A report by Knight Frank states the rise in corporate innovation lab, inflow of tech titans, collaboration and service sector growth has supported the growth of these cities.
Knight Frank head at Manchester, David Porter, said the latest dealings in the property market in the city are based on the concept of real estate as a business service and product.
The report on the city says it contributed £3.2 billion to the UK economy and will be able to provide more than 30,000 jobs in future along with commercial development across at least ten sites that will create office space of 1.6 m sq feet by 2020.
Tech-savvy occupiers such as Amazon are expected to create 600 jobs in the city centre. In addition, the new coworking trends and collaboration in technology sectors will drive property growth in future markets.
The average property price in Liverpool is £120,100, one of the lowest in the country, with a huge scope of growth in the future. On the other hand, Leeds's growth rate was 5.4 per cent per annum, where the average property rate was £166,100 in the city.
Hometrack reports claim growth in some of the affordable cities led to an increase in annual growth rate in the UK housing markets.
One of the fastest-growing markets in Liverpool, whose annual growth rate was 7.5 per cent, continues to be one of the country's best buy-to-let.
Manchester's growth rate was 6.8 per cent, and its average price stands at £168,300.
Variations In Property Rates and Types
The reports of rapid depreciation in home prices and lowering asking rates continue to vary from region to region, depending on the property type. The average difference in the prices of flats and houses across different regions can be up to 50 per cent.
The difference grew by at least 24.5 per cent in the last five years. E.g. in Stevenage, the average difference in the price of the detached house and flat can be approximately 200 per cent, from £553,697 to £186,422.
Some housing markets are highly polarised, where the price gap between flats and houses is more than 100 per cent.
Property Letting
New regulations for short-term lettings will become effective next June, where the estimated leasehold residential property in 2016-2017 constitutes 18 per cent of the total stocks per MHCLG.
The fear of Brexit has been one of the reasons for a slowdown as the speculation remains high related to the UK's withdrawal from the EU and the impact on various sectors – including property markets.
The recent statistics by RICS state the number of properties for sales and buy-to-let decreased. However, some property buyers are preparing to buy next year as they believe the market may readjust and grow without EU regulations.
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