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The northwest region has an array of options for house buyers, but what are the Manchester house prices and how likely is it that prices will rise?
As businesses flock to the area and create jobs, families, professionals, first-time buyers, and numerous other demographics looking for a place to live follow. In the following article, we’re going to shed some light on the average house prices around Manchester and look at the numerous options available.
And if you want to sell your house fast in Manchester, contact us today to see how we can help you.
Manchester house prices by area
The average rental yield in Manchester is approximately 5.4%. Since property prices are significantly below the national average, it is a sought after area and a favourite for a variety of buyers from investors to families.
This has an impact on house prices throughout the Manchester region, so let’s take a close look at house prices by area.
The average house price in Greater Manchester is currently £264,500, which is a 20% increase from 2021. This is a significant figure, considering the UK average was around 10%.
The most affordable area was Collyhurst. The average house price is currently around £102,500 and the most expensive was Didsbury (Trafford area). Expect to spend an average of £391,828 in Didsbury to live there.
Another affordable area is Belle Vue, which has an average sale price of £148,706. This relatively low price makes this part of Manchester popular with first time buyers.
On the other hand, a more expensive part of Manchester is Chorlton which has an average property price of £361,261. Many families wanting to raise their children in the city move to this area, due to being slightly more ‘up market’.
If you are looking to widen your search beyond the city of Manchester, then here are some of the other average property prices in the different areas around Greater Manchester:
- Bolton – Average £198,493 over the last year.
- Bury – £228,702
- Oldham – £172,577
- Rochdale – £192,981
- Salford – £216,521
- Stockport – £283,892
- Tameside – £193,649
- Trafford – £386,548
- Wigan – £166,170
Needless to say, you have lots of options (with a wide range of prices) when selling and buying in Manchester.
Which areas in Manchester are property prices rising quickest?
Manchester property prices continued to grow in 2021, with the average price in Greater Manchester (£264,498) far surpassing that of nearby areas Lancashire which averaged £196,561, and Merseyside (£212,978).
In turn, the house prices rose by 10% on the year before in Manchester and were 21% up vs the 2019 peak of £206,205.
Heywood in Greater Manchester was in the top 10 highest risers in 2021. With an average house price of £194,634, this was an increase of 19% on the previous year.
According to Rightmove, almost 3/4 of areas in Britain hit record house prices in 2021.
Manchester house prices by property type
Greater Manchester offers a range of properties to please the different tastes of house hunters. From apartments to detached houses, there is no shortage of options.
Traditional terraced streets are in abundance and make up a lot of the inner city of Manchester itself. The costlier suburbs of Chorlton and Didsbury do offer large detached homes, but these are pricier.
According to Zoopla, the average sold price for a property in Manchester in the last 12 months is £235,948.
Break this down to property type and you get the following average figures:
- Detached: £365,194
- Semi-detached: £254,425
- Terraced: £192,847
- Flats: £173,100
In 2021, house prices in Greater Manchester also soared. Most sold were semi-detached that averaged £300,670. Terraced properties sold at an average price of £178,169, and detached properties, offering more space and often with a more sought after postcode averaged £409,354.
Are house prices falling in Manchester?
There is no question that the last two years have seen a lot of change in the property market, with the covid pandemic contributing to Manchester house prices rising and falling.
Many people changed their living situations after lockdown, and when combined with the stamp duty holiday in July 2021, house prices started to grow at a greater rate.
Although the stamp duty holiday ceased in September 2021, it remained a seller’s market in Manchester, with high demand outweighing the number of properties entering the market. This contributed to the average house prices increasing in value.
Now that the pandemic appears to be easing off, the aftereffects have many asking if the average house prices in Manchester will fall or rise.
Many expect the rate of growth to be lower in 2022, although house prices are already above the national average in Manchester.
It is expected that prices will remain strong but 2020’s growth was particularly high. With the introduction of higher interest rates and fuel bills expected to increase, house prices may not grow as rapidly across the country as a whole in 2022.
However, demand is still strong, as is market momentum. This makes it pleasurable that house prices may rise in 2022, just not at the same rate of 2021 or 2020.
Could Manchester house prices go like London?
Manchester is one of the fastest-growing cities in the country and it is often labelled “the London of the North”. However, with average salaries being around £7,000 lower than England’s capital city, it is unlikely that house prices will reach the same heights.
Still, in the last ten years alone the average property prices in Manchester have shown rapid growth, increasing from £139,783 to £296,536. The same growth would see 2031 prices average over £600,000.
Manchester house price forecasts are favourable thanks to the influx of companies choosing Manchester. As these companies set up headquarters in the area, they add to the city’s already diverse range of job prospects.
Another plus point of Manchester is that it has the highest retention rate of graduates outside London. This is all without the high rental prices of the capital.
Sell your house fast in Manchester
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