News

We Officially Have a House Price Boom

Official confirmation this week that house prices continue to rise and that the North West is leading the way with the highest percentage increase of any region in the UK.

According to the Office for National Statistics the latest figures (which relate to May) saw property prices in this region rise a whopping 15.2% year on year.

The national average increase was 10%.

The official figures are based on Land Registry data which is why they lag behind other regular data reports such as those from the Halifax which announced similar increases last month.

On the ground we have seen strong demand – which inevitably results in strong values – since the back end of last year and it shows no sign of stopping.

We put a lovely one bedroom apartment in the Wentwood Building in the Northern Quarter on the market pre-lockdown at £220,000 and got offers around the £210,000 to £215,000 mark. It was withdrawn for various reasons but came back to us last month. It’s a lovely flat, in a central location with parking and a balcony so received huge interest and resold at more than £220,000 within three days.

Sales and marketing director Rhiannon Durston says: “Far from people fleeing the city for the suburbs or even the country, our inquiry levels continue to break all records.

“City living is not just convenient it is exciting and vibrant and even just coming out of lock-down there is lots to do.

“Manchester’s sophisticated restaurant scene, the arts and culture – as shown by MIF, the international Festival – and the fact that there is ALWAYS something going on, continues to attract not just the young professionals but also more mature customers who want to have access to the same things.”

While the majority of inquiries continue to be for rent a significant number of people are wanting to invest in their own home here with the knowledge that Manchester’s economic strength and job opportunities, its culture and the work life balance it offers will continue to attract new people.

Rhi added: “The Wentwood buyer is an owner occupier, looking to put down roots and enjoy all that Manchester has to offer. But she is also confident in the city’s continued ability to grow and mature and its continuing attraction to young professionals coming here to work.

“It is really lovely for the team when they help someone find their perfect home in the city and know how much they will love it and become part of ‘their’ neighbourhood.

“The ONS figures confirm what we are seeing and I would expect similar numbers when the next monthly report is published.”

You can read the full ONS report here:

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/may2021