UK property prices rising faster in Manchester

As growth in London hits a nine-year bottom, performance is still surging in the north-west cities, and this could present a huge opportunity for investors over the next three years.

In fact, property prices in Manchester are increasing at a faster rate than anywhere else in the country, while growth in London is currently at its lowest, with affordability dampening demand among tenants and investors alike.

Is there a window of opportunity to invest in real estate in Manchester today?

Latest researches clearly underline that Manchester is the strongest investment city in the whole UK.

In the 12 months to June 2018, residential prices in Manchester rose by 7%, while growth in central London has now reached a nine-year low, falling by 4% during the same period, with average values are falling in more than 40% of London’s boroughs.

At £491,200, the typical property in London is now three times more expensive than the average cost of one in Manchester (£163,300), with such gap is continuing to narrow.

According to Hometrack, a leading property market analyst, a similar pattern occurred between 2002 and 2005, when growth in London was weak but surged in key regional cities, such as Manchester and Birmingham.

Is the same about to happen between in the next few years, and is foreseeable to close this gap faster, as the result of a strong job growth and demand for real estate.

The level of house price surging seen in large regional cities during the last peak, gives today a good indication of how much prices may rise again. If history is going to repeat itself, then prices could increase in Manchester by as much as 20-25% in the next few years.

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