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Average house prices soar in Greater Manchester


03-12-2016

The study shows what a significant year 2015 turned out to be for Greater Manchester and the potential for investment in the housing sector.

Yui Mok/PA Wire

Research from Which? Mortgage Advisors has found that last year both Manchester and Salford saw the average house price rise significantly, but still remain well below the national average of £200,000.

The analysis of Land Registry data reveals that Salford's housing market saw a massive rise in prices with the average M5 house price increasing by 34 per cent compared to the previous three years. An average property in the borough increased in value from £95,500 between December 2011 and November 2014, to £127,890 only a year on in November 2015.

David Blake at Which? Mortgage Advisers said: “For a first-time buyer or a buy-to-let investor, these up and coming areas can provide an affordable alternative to buying in an already established area. You could see your property grow in value quickly, but it's important to remember that property markets can change, and there is never a cast-iron guarantee that values will continue to rise.

But Salford was not the only region in Greater Manchester to make the list.Manchester (M12) came next on the list directly after Salford, and fifth in the list of UK hotspots, with the average house price in the borough rising by 32 pc to £98,000 for the period between December 2014 and November 2015. This was a massive climb from the previous average, for 2011 to 2014, of £74,000.

Despite the positive signs however, estate agents are at pains to make clear that this is not representative of the region as a whole and that people should be cautious when analysing such data.

chief Executive of estate agency and property group, Edward Mellor, Colin Mellor said: "The bigger gains have been made in the South Manchester and Cheshire corridors of the region, whereas the north of Manchester has seen healthy but less extreme gains of 10-15%.

"Let’s say the north and the east of the city have not fared quite as well as the south and the west.

"Fortunately, no areas of Greater Manchester have seen decreases in house prices, but the hike is certainly disjointed, with increases generally being a reflection of the popularity of an area and the demand for property there."

www.manchestereveningnews.co.uk/

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