Spotlight on Manchester: Emerging Property Market Trends

Emerging Property Market Trends in Manchester

Manchester has been one of the most vibrant property markets in the UK over the last several years resulting from the growing economy, population density, and a growing rental market. Some of the emerging trends are:

1. Build-to-Rent (BTR) Boom

Build-to-rent (BTR) is a new concept in the UK’s real estate market and Manchester is witnessing a large-scale development of rental properties. Here are the reasons that contribute to this trend.

• Rising Demand for Rentals: With more and more people moving to cities the need for good rental housing is on the rise. At the same time, the student and young professional population is expanding in Manchester leading to a thriving rental market.
• Developer Focus: These BTR projects led by leading players are changing the skyline of Manchester, providing modern comforts like co-working spaces, gyms, and doorman services.
• Target Demographics: Occupied mainly by young professionals or students, certain areas like Deansgate and Ancoats are the ones rated high for rental demand.

2. Regeneration and Infrastructure Growth

Regeneration and infrastructure growth projects are changing the property landscape in Manchester. Urban regeneration projects are in the process of changing the faces of areas that were previously underdeveloped. The Northern Gateway plans to build 15,000 new homes within the next 10 years. The High-Speed Rail (HS2) future has been partially downplayed, regional infrastructure improvements continue to improve communication, thereby increasing property prices in those areas.

3. Shift Towards Suburban Living

In Manchester, suburban areas like Didsbury and Chorlton are witnessing a rise in property sales. The suburban areas are gaining popularity because of the improved transport links, quality schools, and community amenities. Demand is moving from apartments in the heart of the city to larger properties in the well-connected outskirts due to the pandemic-driven trend of remote employment.

4. Sustainable and Green Developments

Preference for green homes is gaining momentum across Manchester as people prioritise sustainable living. Consumers are beginning to demand environmentally friendly housing, and developers are incorporating innovations such as solar panels, rooftop gardening and the use of sustainable materials. The market's momentum is increased by policies that support net-zero objectives and encourage sustainable building practices.

Factors to Consider When Buying or Selling Property in Manchester

From market trends to infrastructure advancements, several factors can impact your decision when purchasing or selling real estate in Manchester

Key Consideration for Buyer

1. City Center vs. Suburbs: Areas such as Deansgate and Ancoats remain ideal for city-centre locations, whereas residential properties in Didsbury and Chorlton are preferred by families and others working remotely.
2. Upcoming Regeneration Projects: Several other areas may become vital in the future like Piccadilly East or the Northern Gateway because of their potential for value increase.
3. High Rental Yields: Neighbourhoods such as Salford Quay and Ancoats are some of the most rewarding areas for buy-to-let investors.
4. Local Market Trends: Observing the rates of sales in the region and its future projections indicate whether the prices for assets are increasing or stabilizing.
5. Impact of Inflation and Mortgage Rates: Higher mortgage rates may lower the affordability level. Thus, it is ideal to search for and compare a higher number of attractive mortgage offers.

Key Consideration for Sellers

1. Seasonal Trends: The market activity is notably higher in spring and the beginning of summer and weak in winter.
2. Monitor Interest Rates: The heightened buyers’ activity is brought about by low interest rates while high rates may decrease buyer activity.
3. Comparative Market Analysis (CMA): Assess the similar properties sold in the area to determine the right asking price.
4. Account for Renovations and Upgrades: If there has been a recent improvement, for example, kitchen face-lift, it should be reflected in the asking price.
5. Curb Appeal Matters: Repair and paint some small portions, trim the lawns and maintain gardens to lure potential customers.
6. Avail Online Marketing: Online marketing is the best tool to target a large pool of buyers. Consider advertising your property online at the real estate platform of Estate Agent Power to tap genuine buyers.