Growth In Demand In Manchester Properties

In the capital city, unaffordability has created a barrier for buyers. The reports by 69% of the real estate agents find the homes selling for over £1m are now available for less than the asking price.

The number of buyer inquiries in the last month increased, but the newly agreed sales have declined(as per RICS data). However, the North East and West Midlands markets show positive growth in agreed sales. 

The lettings market demand for tenants and homes has increased since 2016. Yet, the number of properties listed for rent continues to drop, and this imbalance hit the supply-demand ratio creating a growth in rental expectations, which can be over 25% - the most elevated in the last twelve quarters.

Manchester real estate markets continue to grow. However, tourism has been the most valuable for the city, where more than 1 million international visitors come each year from the 2.4 million in Britain.

Property seller JLL states, "the market in Manchester is booming, and there has been a spike in demand. As per reports, the agency witnessed one hundred seventeen per cent growth in people moving to the apartments in July 2019." 

The capital city has been unable to meet the requirements of young buyers who are shifting to the northern cities, and now the buyers in the north shore are also facing unaffordability.  

Why Manchester?

The key attractions of Manchester are not just affordability - the growing number of job opportunities, transportation links, basic amenities in the accessible range, and educational institutions have led to a growth in demand in the short-term rental markets and the tourism sector in the city is worth investing.

The council has identified regions in the east and north of the city with high demand for visitors' accommodation. The report by Developer Lovell first claims "hundreds of homes had been transformed in the city, and it completed £80million in projects bought for short-term rentals."

Long-term housing supply, health, and neighbourhood developments have become the city's most important attractions where the local property managers take care of the homes bought by investors. They also manage the check-in processes and guests when the owners of the homes are not in the city.

A report by Property Solvers found it takes, on average, 17.03 weeks to sell a property in Manchester. The firm analysed 1,102 properties in the time duration between May 2018 and May 2019.

The report tracked the property posted on the Rightmove website and HM Land registry, where it found the postcodes with M9, M13, M45, and M 23 hosted some of the fastest-selling properties, taking, on an average, 11 to 14 weeks to sell.

Analysts state the markets in the UK are facing issues created by unstable political conditions. The BoE rates are at an all-time low, and the analysts cannot provide an exact idea of how the markets may move in the future, but some believe the sellers should wait till October end to put their property on sale.

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