According to latest figures by home.co.uk Greater Manchester’s property stock is in desperate need of a boost.
A new study recently revealed that the number of houses for sale in Manchester has decreased by a mind-blowing 70%. In January 2008 there were 13,334 homes listed, down to 3,960 in June 2016.
Two bed properties saw the biggest drop in stock across the whole region, falling by 75% in eight years, from 5,522 to 1,363. Three bed homes also experienced a drastic fall, decreasing by 68% over the same period.
The average property price has seen an increase over the last eight years, however nowhere near the extent of the housing stock. According to the study, prices saw an increase of 2% since January 2008, from £192,544 to £197,020.
Shifting the focus onto a national level, experiences were similar. The number of properties for sale in England and Wales dropped by 51% in eight years, from 855,585 in April 2008 to a mere 415,038 in April 2016.
With shrinking numbers and growing prices, there is no sign of the housing crisis disappearing anytime soon from Manchester’s property market.
Doug Shephard, director at home.co.uk, said: “The property marketplace is now operating completely differently to how it was back in 2008. The drought has meant prices have headed skywards, but there is so little property passing through the market that large estate agency chains have been issuing profit warnings as they see their turnovers decline.”
“Without doubt, the growth of the private rented sector has played a significant part in the supply crisis, as the average home changes hands less frequently than before. Moreover, buy-to-let remains a very popular investment choice in the current economic climate.”
“Aside from new build solutions, there are an estimated 1 million unoccupied properties in the UK. The government needs to work out how to get these back into the marketplace.”