The latest HomeTrack report has been released with figures from December 2017 showing more positive growth for regional cities in the UK.
Last year saw Manchester yet again register a steady year-on-year growth with December 2017 seeing a registered rate of 7% compared to December 2016 which was 6.7%. Their current rate of 7% year-on-year makes Manchester yet again one of the fastest growing cities in the UK.
Further positive news from the report shows that there is continued growth amongst large regional cities across the UK. This coincides with the new statistics that show the discount from asking prices to sales prices are narrowing which indicates that market conditions are improving across cities outside South Eastern England.
Following this, Manchester has recorded one of the greatest decreases in discounts over the last year, their discount rate has halved from 6% in 2013 to 2.7% in 2017.
Both these figures combined creates a positive outlook for the future of Manchester’s property market, especially for property investors. The steady rate of growth along with the low discounts for asking rates means buy-to-let investors can comfortably expect a better ROI from their original buying price.
The growth of Manchester and the confirmation that Generation Rent is the biggest trend in the UK housing market can provide confidence to those looking to or continuing to invest in the UK property market.
It was revealed last year by Knight Frank that investment in the buy-to-rent sector has expanded massively over the past few years and the estate agent predicts a surge of 180% in the sector between now and 2022. Many young people throughout the UK are choosing to rent, in fact, the average age of a typical first-time buyer has now climbed massively to 33.
The property market is trying to meet this demand and supply, especially in Manchester. The annual survey from Accountants Deloitte which was released towards the end of January has shown that more than 11,000 flats are being built across the two city centres. Commenting on this Salford’s Deputy Mayor John Merry says that thousands of people who previously moved out of Manchester are now choosing to return.
Overall, the recent HomeTrack report and the further mention of Manchester’s property market in the news indicates that Manchester is heading towards a steady incline with the future looking bright for property investors.