Economic growth and increasing job opportunities support Manchester property markets

Economic growth and increasing job opportunities support Manchester property markets

13 May 2019

UK Economic Growth

The residential properties in Manchester grew 5.1 percent y-o-y in the last 12 months as per the data from Zoopla. The average price of homes in Liverpool grew 5.7 percent in the last year and this was the highest growth in the UK, followed by Leicester at 5.3%. The average growth in the last year was just 1.7 percent, which is one of the lowest but overall the property markets can be divided into two where the regions in the South East and London continues to face challenges, at the same time as there are many regions that continue to see growth in asking price.

The slowdown in national asking price has been created by a rise in the cost of moving homes and low affordability. The homes listed at price below £500,000 remained almost at the same level as past months. If some properties were unable to get a buyer, it can be the region that is not getting buyers or the property has a limited appeal, or the asking price is too high. The regions in the south continue to witness a decline in price by 0.6 percent; on the contrary, the North West sales are growing due to improvement in job creation and higher stock availability at lower entry level price.  In fact, some regions in the North West of UK are expected to see the surge in price up to the level in 2008 before the financial crisis.

Manchester real estate markets grow

Manchester recorded a high temperature where the postcodes M24 (64), M32 (64) and M6 (62) continue to gain, and Bristol was hottest at temperature 65. Manchester continues to be the strongest markets with the record level of employment opportunities in a range of sectors where one of the highest numbers of commercial developments are translating into sustained growth in the markets. The developers are identifying new opportunities in creating homes for the older people above 50, who would like to move homes to the developing new cities, but only a few are able to move. Many such people are above 80 years and they seek houses with fewer rooms.

Manchester had a sustained growth in the last year where it got a number of inward investments. It boasts to provide over 10,000 more office jobs in three years, and the number of new office uptake in the city was highest in comparison to other cities like Leeds, Edinburg, Birmingham, Glasgow, and Bristol, in 2018.

Scotland asking price grow

The demand for properties gained momentum even in Scotland in the region between the capital and Glasgow, where it takes less than a month to sell properties. In regions Edinburg and Falkirk, it takes approximately 27 days to sell, as per the report by Zoopla. It is estimated the property market in Scotland gained due to the shortage of available homes, while, the limited supplies resulted in price gains mostly in the mid-market level.

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