Manchester property price forecast status as a 'Northern Powerhouse' remains strong as we enter 2023, and the outlook for 2024 is equally promising.
The UK property market, including Manchester, is currently in a stable phase. Both Nationwide and Halifax reported only a marginal monthly change in the average UK property price in June 2023 (0.1%). This stability reflects the market's resilience in the face of current economic conditions.
Several factors contribute to Manchester's resilience and growth potential in 2024 and beyond:
Strong Wage Growth: Manchester benefits from robust wage growth.
Low Unemployment: The city boasts low unemployment rates.
Growing Student Population: Manchester's universities continue to attract students.
Thriving Startup Scene: The startup ecosystem in Manchester is thriving.
Availability of Long-Term Fixed Mortgages: The presence of long-term fixed mortgages supports property investments.
Manchester's focus on providing both affordable and high-quality accommodation aligns with its growth potential, making it an attractive destination for investors in 2024 and beyond.
Manchester Property Predictions for 2024: Experts predict a surge in property demand in 2024, driven by the city's growing economy, vibrant culture, and employment opportunities. This increased demand, coupled with limited housing supply, is expected to drive property prices higher. Manchester's appeal to students, young professionals, and families is likely to boost rental demand, resulting in increased rental yields for landlords.
Key Manchester Facts for 2024:
Average Property Price: £227,699 (compared to £219,168 in 2022)
Average Rental Yield: 6.1%
Property Growth Prediction (2023-2027): 19.3%
Rental Growth Prediction (2023-2027): 21.6%
Manchester Property Prices in 2024: Manchester's property market has seen remarkable growth over the past five years. Property values have surged by 45.7% since May 2017, equivalent to approximately £70,000. This trend is expected to continue into 2024, as evidenced by forecasts from JLL, indicating resilience in the face of challenges like higher borrowing costs.
The supply-demand dynamics in Manchester are clear. The city's population continues to rise, yet the supply of housing falls short. While Manchester City Council is working to address this issue, the supply-demand imbalance presents a significant investment opportunity.
Manchester Rental Market in 2024: The rental market in Manchester is robust, with an average rent of £1,593 and an average rental yield of around 5.17%. This demand is driven by a young population and a growing acceptance of long-term renting. Predictions suggest that Manchester's population could increase by 70,000 over the next decade, with a consistent influx into the city center. This high demand for rental properties is likely to push rental values higher.
Manchester Apartment Prices in 2024: Residential apartment developments are increasingly popular among investors and renters. The rise of hybrid working arrangements, where tenants split their time between home and the office, suggests continued demand for rental properties. Over the past year, apartment prices in Manchester increased by 5.4%. If this trend continues, the average apartment could appreciate significantly by 2027.
Manchester City Developments in 2024: Manchester's property market is set to grow in 2024, driven by ongoing redevelopment projects in key areas like MediaCityUK and Spinningfields. These projects attract new residents and businesses, further bolstering the market. Manchester is home to a thriving technology hub, which has fueled the city's economy and rental market. New developments with top-notch facilities are expected to meet this growing demand.
Benefits of Property Investment in Manchester: Apart from impressive price forecasts, Manchester offers several benefits for renters, homebuyers, and investors:
Growing Graduate Population: Manchester remains a key city for students, with a student population exceeding 100,000.
Exceptional Career Opportunities: The city ranks as the best place for new jobs in England, attracting a workforce seeking job opportunities.
Foreign Direct Investment (FDI): The increase in FDI in the Northern regions suggests growing economic activity and interest in Manchester.
If you're considering property investment in Manchester or elsewhere in the UK, our expert team is here to provide guidance and support. We offer a range of high-standard property developments and real estate services to help you make informed investment decisions. Contact us today to learn more.