Recent report shows that by 2031 there will be 112% increase in the values of properties in Manchester - with the average price showcasing an impressive £629,000.
Over the past ten years, the average property price has risen from £139,783 to over £296,536. This has led property industry experts Share to Buy to estimate that the average property price will have risen to £629,000 by the year 2031. The increase equals a percentage growth of 112%, putting Manchester ahead of Coventry, which has boasted a property value increase of 93.7% over the last 10 years.
The reason for this astronomical price increase comes from the wealth of entertainment venues, retailers and job prospects found in the northern powerhouse, which showcases an exciting lifestyle for young professionals looking for interesting opportunities.
The growing population of Manchester is a clear indication of the vitality and success of the city centre. An estimated 20,000 extra residents are set to join the city centre and surrounding areas by 2023. This will put an immense pressure on the available housing stock and is expected to push property values to new heights, creating a great environment for investors.
To support this population increase, Manchester has seen a large amount of expansion as developers construct new residential homes, offices, hotels, retail units and leisure venues, establishing itself as one of Europe’s fastest growing cities. According to Deloitte Crane Survey 2022, 2021 provided a second consecutive year of record housing delivery across they survey area. Further supporting the many reasons many choose this northern location.
In addition to this, there has been high levels of foreign direct investment (FDI) and a constant supply of new commercial developments. This has led to 1.34 million sq ft of commercial office space to become under construction, with 743,665 sq ft due to be completed within 2022.
All of this results in a significant growth in Manchester’s ecosystem and ultimately compels individuals to purchase property in Manchester, not just for the wealth of entertainment, but for the benefit of holding a valuable future investment.
Nick Lieb from Share To Buy commented: “First-time buyers looking to get on the property ladder may wish to do so for a combination of reasons: it’s common to not just want a comfortable home to live in, but the chance to buy in an area you love, as well as making a solid investment to ensure financial wellbeing over the long term.”