Manchester’s housing market has been one of the most impressive in the UK for many years, and 2019 was no different. House prices rose significantly thanks to huge population growth and a lack of available stock – particularly in the luxury city centre market.
The forecast for 2020 and beyond is equally positive, with plenty of good news for anyone looking to buy property in Manchester.
The latest Hometrack UK Cities House Price Index shows that property values in Manchester are growing at 3.4% annually. Not only is this higher than the national average (2.1%), it is also almost twice as fast as the UK cities average (1.8%) and almost four times higher than the annual growth in London (0.9%).
We have previously reported that house price growth in Manchester is twice that seen in London, but clearly that gap is widening as the year progresses. What’s more, this is set to continue, with projections from Savills showing expected further growth of 24% in the coming years for Manchester property.
This impressive house price growth has been met by a huge wave of development in Manchester. The latest Deloitte Crane Survey shows that 2019 was the third best development year on record for the city, with 27 developments completing. This will be eclipsed by 47 developments completing in the city over the course of 2020, according to the same survey.
These schemes cover every sector, from residential to commercial, demonstrating the full-spectrum strength of the Manchester property market, and providing yet more confidence that the city’s booming economy will continue to outshine most other areas of the UK in the foreseeable future.
However, despite that impressive level of development, it is unlikely that enough homes will be built to meet the demands put on the Manchester housing market by a rapidly growing population.
Manchester City Council estimates in its latest State of the City Report that the city centre population will top 100,000 by 2025 – equating to more than 5,000 people per year moving to the heart of Manchester.
There are simply not enough homes to accommodate these people at present, and luxury apartments in particular will see an ongoing increase in demand which will continue to push property values higher.
This is an ideal time to buy property in Manchester and take advantage of this upcoming capital appreciation. By purchasing an off-plan property and locking in a below-market rate today, you can secure the greatest possible returns.
For more information about our luxury off-plan properties in Manchester, get in touch with the team today.