More research highlights the growth of Manchester’s property market, with no other city matching the levels of capital appreciation investors are achieving in the north-west.
Summary:
- Manchester tops the latest index covering property price growth of the UK’s 20 largest cities
- Capital appreciation for the 12 months to the end of June 2018 came to 7.4%, versus a national average of 4.6%
- It follows research that suggested house prices in Manchester could be set to rise by as much as 25% over the next three years
Yet another piece of recently published market analysis states that Manchester is the strongest UK city for property investment.
The city once again tops Hometrack’s index of property prices in the country’s 20 largest cities. In the 12 months to the end of June 2018, average values in Manchester have increased 7.4%.
On a national level, average prices in the UK rose 4.6% during this time. However, growth in London was among the lowest, with prices rising marginally by just 0.7%.
Performance is being underpinned by a property market that simply cannot keep pace with demand from a fast-expanding population. Commenting on the Hometrack index Kevin Roberts, Director of the Legal and General Mortgage Club, said that a “boost to housing supply remains critical and it’s essential that the government continues to focus on meeting the (UK-wide) target of 300,000 new homes a year”.
Earlier in July 2018, Hometrack pinpointed Manchester as being home to the UK’s fastest rising property prices. Crucially, they also pointed to a similar pattern of growth between 2002 and 2005, at a time when London prices were slowing, where Manchester and Birmingham saw the largest increases in real estate values.
Hometrack believes that due to surging population numbers and the subsequent demand for property, a similar period of growth could once again take hold in Manchester; one in which investors could expect to see as much as 25% capital appreciation in the next three years alone.
Source: Select Property