The sales and rental price changes for Manchester city centre apartments have hit 25.7% and 45.9% respectively over the past five years, according to research from global property advisor JLL.
The ‘Big Six’ research, which tracks residential development activity, prices and rents across Manchester, Birmingham, Leeds, Bristol, Edinburgh and Glasgow, showed that the annual price for a new build apartment in Manchester grew by 1.5% last year. Its five-year sales and rental growth outstrips every other Big Six market.
Smaller one and two bed apartments have seen average prices rise 1.6% and 3.3% respectively, while prices of larger three bed apartments plateaued in 2024. Price growth of prime new build apartments across the city continue to outperform the mainstream market, with annual growth of 3.7%.
Rental prices have grown by 45.9% over the past five years, though flatlined in 2024 as a whole.
Jonathan Wiedemann, Head of the North West at JLL, commented: “Manchester’s long-term rental and sales growth reflects its increasing attractiveness as a place to work, live and study.
“That won’t change, and we expect demand to remain robust. What’s needed is the political and economic certainty investors need to encourage them to spend money to stimulate supply. The city’s property market will continue to be an attractive investment proposition.”
Marcus Dixon, director of UK residential research at JLL, said: “Sustained demand for city centre living has supported growth in prices and rents for new homes in most markets across the Big Six.
“The UK’s housing market continues to show resilience, that, along with the outlook for 2025 and beyond, should give investors and developers optimism.”
