House prices are on the up in the North West and Manchester is booming.
That’s the conclusion of a report out today by JLL residential who believe Manchester is going to see strong growth in House Prices in 2017.
Northern England’s main cities are beginning to thrive again. Manchester, the UK’s second city, is flourishing amid strong housing demand and significant development activity and is becoming increasingly global says the report while Leeds and Liverpool are also now looking forward with greater confidence.
The region, they say, will benefit further from the Government’s Northern Powerhouse programme.
The Manchester city centre residential market has been one of the UK’s leading markets for price and rental growth for several years now, and that looks set to continue.
This has led to a considerable increase in development activity. Until this new supply is completed, residential demand will outweigh available supply, creating pressures within the sales and lettings markets.
The average two-bed apartment in the city, which now fetches £230,000, will cost £246,000 by the end of 2017, a 7% increase.
Rents in the city are forecast to increase by 20.5% by 2021.