News

Supply the Key Word for 2022

We ended 2021 with a final flurry, securing 11 new lettings and one sale in the final week of opening, and cementing the year as our busiest since we opened eight years ago.

With the phenomenal demand we saw over the last 12 months the key word for 2022, for both tenants and owner occupiers, is going to be ‘supply’.

While 2021 saw new homes in New Little Mill, Broadside, Castle Wharf and Deansgate Square come to market there are no big new developments in the city centre that are due to complete this year.

And that is likely to impact on prices.

Founder and director Anthony Stankard said: “Since the middle of last year we have seen, and continue to see, huge demand. The volume of people registering details with us is going through the roof but the pool of properties available is limited.

“This will only push prices one way and I cannot see how that will change in the short term. I think 2022 will see something around a 5% increase on sales prices while renters face a 7-8% increase in rents.

“Canal Wharf House is a new build scheme of just 24 properties in the heart of Castlefield that is due to complete in January 2023. We will not be launching this scheme into the market until this Summer and already the demand has been strong since the hoarding was erected around the site in December.

“Any properties coming to market in 2022 will be commanding a premium price simply because demand will outstrip supply.”

This puts more pressure on getting second hand stock back onto the market.

Anthony said: “Many buildings offering both excellent location and living space are caught in the cladding crisis and waiting for remedial works to be done so that they can be put up for sale.

“Second hand stock is a key part of the market, especially for first time buyers wanting their first home in the city, and this work should be an urgent priority for everyone in the industry to push forward.”

If you own a property in the city and would like an expert valuation please contact the office and one of our team will be in touch.

Call: Reside Manchester on 0161 837 2840