Residential property sales in Manchester city centre increased by 56% year-on-year in the first half of 2018, according to leading property agent JLL.
JLL’s Deansgate-based residential team agreed sales on 195 city centre apartments, including both newly built and established schemes, compared with 125 in the first half of 2017.
According to the consultant’s figures, the resale market experienced strong momentum over the period, with a 60% increase in sales year-on-year. JLL also experienced a 36% increase in buyers registering with its resale team. On average properties took just 44 days to have an offer accepted.
Eight in ten (82%) of buyers in the resale market were UK-based.
Louise Emmott, residential director at JLL, said: “Manchester’s residential market has continued to strengthen over the half year. The pull factors of being the most important regional economic hub in the UK, and having an increasingly popular culture and leisure scene are keeping demand for city centre living high.
“The resale market has been particularly strong this year, driven by Manchester’s high graduate retention rate – second only to London – and the fact that we’re seeing more young professionals relocate from the South to get on the property ladder.”
In February, JLL revealed that house prices in Manchester city centre are set to grow by 6.5 per cent in 2018 – with 22.8 per cent growth predicted by 2022.
Its Housing Paradigm predictions report highlighted that the housing market in the North West had outperformed the rest of the UK’s since the EU referendum vote. In Manchester, the average price of a two-bed flat grew by 8.7 per cent to £250,000 while rents grew 3.2 per cent on average in 2017.