Zoopla, the UK’s most comprehensive property destination, has revealed that buyer demand for family homes in Manchester has risen sharply since pupils returned to the classroom in March.
The increase in demand was further amplified by the announcement of the extension of the stamp duty holiday to the end of September and the rapid progress of the vaccine roll-out.
Manchester’s most wanted
Demand for two and three bedroom homes in Manchester, perfect for local families who have children back at school, has risen by 45% in the last eight weeks, with an average price £198,000. This represents an increase on Manchester’s average property price, as revealed by Zoopla’s House Price Index.
In April, the Index revealed that the average house price in Manchester is now £185,800, with prices rising by 6.5% in the last 12 months. The data also showed prices in Manchester have increased cumulatively by 31.5% in the past five years.
Terrific Trafford
The search for family homes is also soaring in Trafford. Demand for two and three bedroom homes has climbed by 48% since the schools returned, with the average price for two and three bedroom properties currently reaching £333,000.
Trafford’s booming property market has also seen a 55% rise in demand for four and five bedroom homes since March, which have an average asking price of £544,000. Perfectly placed for parents working in Manchester and across the North West, Trafford’s proximity to excellent schools makes it a great choice for those experiencing a return to normality following the relaxation of lockdown restrictions.
Demand for family properties in Oldham mirrors Trafford and Manchester. Oldham has seen a 42% increase in popularity of two and three bedroom homes since March, which have a current average asking price of £159,000.
Property hunters in Oldham have also driven up demand for four and five bedroom homes in the town. The return of the schools has sparked a 22% increase in demand for larger family homes, with an average value of £292,000.
Super Stockport
In Stockport, demand for family homes has risen steadily in the last eight weeks, up 31% for two and three bedroom properties and increasing by 9% for four and five bedroom homes. Two and three bedroom homes in Stockport currently have an average price of £256,000, while the larger properties have an average price of £459,000.
Local expert Stuart Matthews, Managing Director at leading Manchester estate agency Miller Metcalfe, said: “Since the schools reopened, we’ve seen a surge in demand for family homes in Manchester and nearby towns. Parents are grabbing the opportunities presented by the lifting of lockdown restrictions to seek more space. Manchester is a fantastic place for families to live with its bustling, metropolitan city centre and leafy suburbs, and we’re expecting demand to keep rising as we head towards the end of the stamp duty holiday in September.”
Gráinne Gilmore, Head of Research at Zoopla, comments: “More families in Manchester took the opportunity of the kids going back to school to look for a new home, and that has had a big impact on demand for homes – with demand for two and three bed homes across Manchester rising by 45%.
“As lockdown restrictions continue to ease and demand for outdoor space continues at pace, homeowners in Manchester have a golden opportunity to move to a new property before the stamp duty holiday ends in September. The spike in demand also puts sellers of family houses in the county in a great position if they put their home on the market. ”
