Manchester leads the way in house price growth when compared to all of the top UK cities, and the city’s prices are expected to rise by 57% by the end of 2028.
Global real estate agency Cushman & Wakefield released data on house price growth in the UK’s core cities. The agency also forecasted housing prices for the future and looked at the price difference between existing and new homes.
Growing prices and affordable new builds
With one of Europe’s fastest growing economies, Manchester saw significant numbers in 2017 as the average house price rose by 11% compared to the UK average of just 5%. In the 12 months to June 2018, Manchester’s prices rose by 9%, while London saw a 1% fall. This has added up to Manchester boasting the highest price growth in the UK property market for five of the last six years.
With building new homes being a top priority for the UK, many cities are seeing hefty price differences between existing homes and new builds, making these new houses unaffordable for many trying to get on the property ladder. However, Manchester boasts a strong demand and only has a 16% difference between the average price of an existing home and new home.
Manchester’s future is bright
The future continues to look positive for Manchester with housing prices expected to rise by 57% by the end of 2028. This is the highest among all of the top UK cities and shows property investment in this city is likely to be extremely lucrative.
Additional research and reports have concluded similar findings. For example, a recent report from Savills showed house prices in the north of England and West Midlands are set to keep growing over the next five years. On top of that, Chinese interest in UK residential property has reached record levels, including interest in Manchester having dramatically increased.
Whether from near or far, many investors are seeing the benefit of investing in property in Manchester, a continuously growing city in the UK’s property market. Additionally, with a large population of students and young professionals, Manchester is a buy-to-let hotspot and has even been named the best place to be a landlord in the UK, proving the city has a lot to offer in the property sector.