01 Oct How Property Prices in Manchester Have Changed Over the Last 5 Years

Manchester frequently tops the list when it comes to an exciting city to live, work and invest in. And, it’s no surprise that over the last few years, we’ve seen huge growth in its property market including plenty of regeneration. But what effect has this had on property prices in Manchester?

Steady growth with notable highs

Since the late 2010s, Manchester’s property prices have steadily increased with the city regularly outperforming the UK average. What’s more, according to research, house prices in the city have risen by around 25-30% in the past five years. This means that a property that may have been worth £200,000 in 2018 could now be valued closer to £250,000.

So, what’s behind the growth?

1. Regeneration projects: Almost every part of the city (from Ancoats to Salford Quays) has seen new developments popping up and previously overlooked areas are fast becoming some of the most desirable places to live.
2. Strong rental market: Manchester has a large student population as well as lots of young professionals. This means rental demand has continued to fuel property investment in the area. 
3. Employment opportunities: Often referred to as a hub for digital, tech and media industries, the city attracts workers in these fields and therefore boosts housing demand. 

Recent updates

Of course, like many places in the UK, Manchester has felt the headwind from rising interest rates and the cost-of-living crisis. Growth might have slowed compared to the post-pandemic boom of 2020-21 but the current market has remained resilient – especially in areas with good transport links and amenities. 

Looking ahead 

The data doesn’t lie. Manchester is expected to remain a property hotspot thanks to more regeneration projects and demand for city living staying strong. With this in mind, investors and homeowners should be optimistic about the long-term prospect of Manchester and its housing market. And, if you need any help on your journey, our team is always here.