The property market, in general, is a little confusing right now, with Halifax stating that house prices were up 1.6% and then Nationwide announcing they had fallen 3.1%, it’s hard to know which way to turn, especially if you're on the property ladder looking for your next move.
One thing we do know however, is that there are little pockets around the UK where the property market is thriving and the most recent analysis by the Office for National Statistics (ONS) shows there are 17 areas around the UK where property prices have more than doubled since 2013.
One of those areas is Manchester, including sought-after areas on the outskirts such as Stockport, Salford, and Trafford. So, if you’re a homeowner near Manchester, you could be onto a winner in selling up and if you’re after your next property here, be prepared for competition but ultimately, a lovely, thriving place to live.
A snapshot of house prices around the UK over the last decade
With so much information on the property market, it’s difficult to know what to take on board, so we’ve put together some quick bullet points summing up the UK property from 2013 to today.
- Waltham Forest on the London/ Essex border has seen the biggest house price growth of 119%. Prices have risen from £235,210 to £515,320, a grand total of £280,110.
- Hastings in East Sussex has risen 115% from £137,090 to £295,030 in just under a decade.
- Thanet in Kent has seen house prices rise from £147,950 to £318,150 since 2013 and in the past year are up £26,670.
- There are now no areas in the UK where you can buy a home under £100,000. There used to be around 28 areas in Britain in Scotland, Northern Ireland, Wales, East and West Midlands, Yorkshire, and the Humber.
- An average home in Nottingham in 2013 cost £99,010, that figure now sits at £193,860, putting it just outside the top 20 locations for the biggest percentage price growth.
- More affluent areas of London have seen the lowest growth, such as Kensington, Chelsea, Hammersmith, Fulham, and Westminster. According to ONS data, Kensington remains the only area in the UK where a typical home still costs seven figures, rising from £1,061,390 10 years ago, to £1,280,030 today.
Why Manchester’s thriving property market could be the right decision for you.
It’s easy to see why Manchester’s property market is thriving right now, with its bustling city, rise in employment figures, great transport links, and highly sought-after suburbs and schools. Surrounding areas such as Stockport, Salford, and Trafford are of particular interest and included in the top 20 areas for property price growth.
There is a huge amount of appeal for the younger demographic, it’s a vibrant place to live and work, boasting a thriving music scene and creative hub. The fashionable Northern Quarter offers good quality apartments a stone’s throw from offices and other cultural amenities.
For families, there is a wide range of spacious homes in Trafford, Salford, and Stockport. Good schools and safe communities are abundant, with strong commuter links to the city centre and further afield.
Reasons why Manchester should be your next move
To buy a house in the suburbs of Manchester a decade ago would have cost you around £130,495 but today that figure has doubled and now sits at £261,610. Below are some quick-fire points of why we think Manchester is the place to be and some figures for the most sought-after suburban areas near Manchester.
- A vibrant, bustling city with a wealth of cultural amenities.
- Home to a thriving theatre, art, and music scene.
- A great hub for media, healthcare, finance, science, and engineering, appealing to young professionals.
- Good transport links and an international airport.
- Lots of investment and regeneration.
- Sought-after suburbs are good for schools and offer spacious homes, local amenities, and safe communities.
- Suburbs are extremely commuter friendly.
In 2013, a typical house in Salford would have cost around £109,520, in 2023 that same house will cost £218,260 which is a 99% increase of £108,740.|
TraffordIn Trafford, the figure increases from a typical house costing £187,750 in 2013 now costing £377,100, a rise of £189,350, 101%.
StockportLastly, in Stockport in 2013, a typical house would set you back £160,380, in 2023 that same house will cost £306,340, which is an increase of 91% and £145,960.
For sellers, this is a huge push to get the ball rolling as there is a massive amount of potential to make money on your house. For buyers, the competition is strong, with such great amenities on offer for every demographic, it’s not difficult to see why Manchester has such a thriving property market right now. To start your property search in this booming city, it’s best to seek advice from trusted, experienced mortgage advisors in Manchester.
Where to start: TaylorMade, trusted and experienced mortgage broker, Manchester.
We recommend starting any property journey and gaining advice from a mortgage advisor you can trust, but what we here at TaylorMade can offer you is not only years of trusted mortgage advice but the knowledge and experience of Manchester itself, after all, it’s where we’re based.
We know the ins and outs of this fantastic city and what it has to offer, whatever your demographic, and what’s more, we offer the best rates on the market today, so even though this fantastic city has some competition at the moment, we will strive to secure the best deals for you and completely manage the process by liaising with lenders, valuers and solicitors on your behalf, making one of the most stressful events in life that little bit more manageable.
Contact one of our expert team of advisors and get the advice you need from one of the most reputable mortgage advisors in Manchester, today.
