Manchester’s property market is third most valuable in country
2nd October 2017
Manchesters’s property market is the third most valuable in the country, according to a new study.
In research of the top 20 cities in the UK, Hometrack found that houses in the city are worth a total of £133bn.
That is just behind London and Birmingham, which with housing markets worth £1.99 trillion and £152bn respectively, took the two top spots.
There has been a sharp rise in house prices across Manchester.
In the last 12 months property values in the city have risen by 6.92 per cent, with the average home now worth around £162,000.
Across the whole of the UK however, house prices rose by 5.14 pc in the year to July seeing the average move up to £226,185.
According to the report the total value of all homes in the UK is £3 trillion, with two thirds of the total in the capital.
Estate agent Ged McPartlin, from Ascend Properties, says news of Manchester’s housing boom comes as no surprise.
He said: “The north is certainly booming as the latest Hometrack report has revealed that Manchester is the best city for growth – experiencing a strong increase in house prices.
“This, along with the total value of homes being worth a huge £133bn creates a truly thriving property market which is showing no signs of slowing down anytime soon.
“From an agent’s point of view, these figures truly reflect what we’re seeing in the marketplace.
“Buyers understand that the market is moving fast, competition is rife and it’s generally fastest fingers first. The demand has continued to push prices up and the lack of stock has created marketplace urgency.
“There’s also been an increase in landlords snapping properties up in the city, particularly throughout June, July and August, as the new university year creates a rush of tenants desperate to secure a decent property before the term starts.
“It’s been a very busy summer and the growth reported today clearly reflects this.”
The study also showed that mortgage debt in Manchester came to a total of £32bn, while housing equity – the difference of the home’s market value and outstanding balance of mortgage payments – came to £100bn.
Richard Donnell, research and insight director at Hometrack, said: “House prices continue to rise on the back of sustained price inflation in large regional cities as unemployment falls and mortgage rates remain low.”
Source – http://www.manchestereveningnews.co.uk/news/property/manchesters-property-market-third-most-13697739