The northern city may have seen house prices rise by 9% year-on-year but that hasn’t stopped the appetite for Manchester property.
- Manchester is one of the most popular cities to live in the UK, with property selling two weeks quicker than the 91-day average
- Property across the UK is selling quicker than 2015, with a 22.7% year-on-year decrease in time on the market
- Cities such as London and Brighton have seen property linger on the market with real estate reaching an affordability ceiling for more buyers
In a report from Post Office Money Mortgages, homes in Manchester are among the most popular in the UK.
The report examined the average time a property takes to sell in 20 major cities across the UK and found that the average property takes 91 days to sell.
And despite the average house price in Manchester rising by 8.9%, to £149,722, properties are still being snapped up two weeks faster than the national average, selling in just 77 days.
This marks a 22.7% decrease on the previous year, where house hunters had 99 days on average to find their new home.
Ben Garland, Manager at Jordan Fishwick, says: “The market has definitely become busier and we have noticed that Manchester is becoming increasingly popular with clients from all corners of the globe.
“Generally we receive between five and 10 enquiries per property then receive three or four offers on each of our properties on average.”
In contrast, the housing markets in Brighton and London, some of the best performing areas since the financial crisis, have seen the sharpest increase in the typical time that properties have spent on the market.
Brighton saw a 24% increase in time on the market, while the capital suffered a 20% rise.
Manchester’s robust property market performance is also evident in the private rented sector, where purpose-built and premium properties can be let in under an hour. Estate agents state there are over 2,000 potential tenants to just 130 properties – a ratio of 15 prospective tenants for every home available to rent.