Whether you’re a first-time buyer, a property investor, or you’re renting out your property, getting a good deal on a property you’re looking at buying is key. However, as this is one of the UK’s fastest-growing cities, getting a good deal can be quite tricky, as the competition for properties is more fierce than ever before.
Oftentimes, rather than negotiating the price down, buyers end up bidding over the original asking price, which is never ideal, especially if you’re on a budget. So, if you’re keen on getting a great deal on a property, read this article until the very end.
Over the next 5-10 minutes, we’ll walk you through the different areas in Manchester that offer property buyers better value for money than anywhere else in the city. But before we do any of that, we’d first like you to know a little bit about the different factors that have a direct impact on property prices.
Factors That Impact Property Prices
Have you ever looked at a particular property, and thought it was lovely, only to find out the asking price sounds quite absurd? And even worse, that there are people out there willing to pay it? Well, there are several factors that can impact property prices and make people pay far more than what the property is actually worth. They include:
The location of a property will have the biggest impact on its price. That’s why small apartments in key areas in Manchester can be worth upwards of £400,000, while the exact same property in a different part of the city will cost half the price.
If you want great value for money, looking at key parts of Manchester is pointless, as you’ll hardly ever come across a good deal. And even if you do, the competition will be so fierce that the property will most likely sell for more than what the owner is asking for.
The Condition of the Property
Though run-down properties will still sell, the overall condition of the property will have an impact on the price. Typically, properties that aren’t in tip-top shape are worth it more as you can buy them for less than what they would be worth if they were refurbished and ready to move into.
When interest rates are low, borrowing money can cost next to nothing. In theory, this is the best time to buy a property, as you’ll be paying a small chunk of money in interest to the bank.
Although low interest rates will make buying a home in Manchester more affordable for you, everyone else can take advantage of the low interest rates as well. And as a result of the lower interest rates, the demand for properties will increase, which will have a knock on effect on the prices of properties.
Top 5 Areas in Manchester That Offer the Most Value for Money
For this article, we closely compared over 30 different parts of Manchester, and concluded that the below 5 offer the most value for money by far.
Situated 9.5 miles to the south of the Manchester city centre, Wythenshawe is one of the best areas in the south of the city as far as value for money is concerned. The average property price in the area is £238,056, which is around £60,000 less than the average property price in the city.
As far as the area is concerned, being one of the largest housing estates in Europe, here, you’ll find a mix of families, young professionals, and students. Getting into Manchester can be quite the hassle via car, especially during peak hours (as it’ll take you around 45 minutes to reach the centre). That said, Manchester’s tram system does go through Wythenshawe, which will massively reduce the time it takes to get into the city.
Located just 4 miles to the east of the Manchester city centre, Gorton is a massively popular area for families, students, and professionals who want to live outside the city but also want to easily access it when they need to.
On average, properties in this part of town sell for £184,944, which is a whole £100,000+ less than what the average property in Manchester sells for. Due to the lower property prices and its prime location, Gorton is a great place for entry-level investors and first-time buyers.
Situated to the north of Gorton, Openshaw is another location that’s in very close proximity (4.2 miles) to the Manchester city centre. With house prices averaging at around £180,000, it’s another suitable area for people seeking the best value for money possible.
If you’re a Manchester City fan, you’ll be pleased to hear that the stadium is just 10-15 minutes away by foot. Openshaw is also home to plenty of green spaces and plenty of privately-owned retail shops, cafes, and restaurants.
Located to the south-east of Manchester, Longsight is just 3.1 miles out of the city centre. If you’re looking to commute to the city centre, on a busy day, it’ll take you no more than 25 minutes by car, which is far more reasonable compared to most of the other locations on this list.
Property prices in Longsight average at around £200,000, which is over £90,000 less than what the average property goes for in Manchester. What’s more is that the area is full of life, but not in the same way as the city centre. As a result, Longsight is a great area to live for people looking for an active lifestyle without the hustle and bustle of the city centre.
If you want to get the best value for money in Manchester while living as close to the centre as possible (1.4 miles to be more precise), you won’t find a better and more affordable area than Cheetham Hill.
The average property in this part of town goes for around £191,000. Just 1 mile to the south, properties average at around £250,000. So, choosing Cheetham Hill over the city centre can save you upwards of £50,000 on a property and the only sacrifice you’ll need to make it live a bit outside.
Cheetham Hill is also full of life, and is suitable for a variety of people, including students, young professionals, families, as well as people looking to retire.
Unless you have the financial means to do so, buying a property in an area with hyperinflated prices makes little to no sense. Hopefully, after reading this article, you are now aware of at least a couple of great areas in the city that offer the best value for money.
And remember, if you do end up buying in such an area, you can easily sell your property to cash house buyers or through other traditional means when the time comes. Manchester, as a city, is growing year after year, and property prices are only expected to rise.