PROPERTY for sale in Manchester? You should snap it up experts claim, as the town is set to see a house price boom according to experts, who say invest now.
House prices in the UK are staling in the south, leading many to think about investing in property in the North of the country.
Certain areas in the North, including Salford, are ripe for investment. Now experts are claiming that thanks to a tech boom Manchester is the place to put your money.
Whether you are looking to buy to sell for a profit or to rent, the area is ripe as more tech workers move into the city – second only to London. The Manchester Evening News recommending investing in Wythenshawe, Droylsden or Denton, and Fallowfield or Salford in February this year.
According to housing company Properties of the World, Manchester is home to 52,000 tech workers, and 40 per cent of office space enquiries are from the tech sector.
This booming trade in tech could be to thank for the fact house prices in Manchester are climbing while in southern cities they have stalled or are falling. In April research from Hometrack found house prices in Manchester are climbing faster than any other part of the country.
The house price tracker said the average price of a house in Manchester is £153,600, and that this was an 8.8 per cent growth compared to the previous year. The digital tech growth potential of Manchester is due to be further enhanced by the major expansion of the BBC recently announced. MediaCityUK, already the BBC’s second home in Salford Quays, will welcome 200 new employees this year.
There is as a 20 per cent increase year-on-year in the take-up of office space with experts believing that this expansion will result in significant employment growth over the next five years.
Jean Liggett, CEO, Properties of the World, said: “Interest in Manchester is growing stronger and stronger as the city enjoys a bright economic outlook.
“Savills has predicted Manchester to be in the top 5 fastest growing cities from 2017 to 2021 which in turn is boosting demand for housing and investment properties which we, through our wide portfolio of opportunities, are able to answer.”
The ONS revealed that the average UK house price was £226,000 in July, £11,000 higher than in July 2016.
Ged McPartlin of Ascend Properties said: “It’s also fantastic to see the number of first time buyers up by 5.1 per cent annually, this comes at a time when stock levels continue to remain low, particularly in city centres like Manchester and Liverpool. Demand is high and competition is fierce.”
Experts have previously mapped where in the UK you should be investing, and Salford is one of the towns on the list.
Liverpool was also on the list, but that was it for the Northern towns.
In the south it was recommended that house buyers invest in Croydon, Wood Green and Basingstoke.
Tim Mycock, Development Director at Reditum Capital said: “If you are investing in property, changes occurring in that area can be a big indication of what sort of return you can expect.”