It is possible to see the changes in the Manchester property market by keeping your eyes open as you walk around the city and surrounding areas, but it is always good to have these figures confirmed. Information released by the Government suggests that the sales of flats in Manchester are higher than anywhere else in the country, and this is true for the last twenty years!
The figures indicate that flat sales in Manchester and Salford represent more than a third of all property sales in the region, and this is clearly the largest percentage in the whole of the country. In Manchester, between April and June of 2015, 35.6 of all property sales related to flats. In comparison to the figures for the same period back in 1995, this figure was a 25.6% rise. There is no other city in the whole of England and Wales has seen the proportion of flats being sold rise to such a high level.
The studies reveal that the average cost of a flat in Manchester is now £135,161 and the average cost of a flat in Salford is £117,950. When these prices are compared with the average cost of a flat in London, which is £345,000 it is easy to see why the Manchester property market is booming. Flats are a brilliant way for young professionals to enter the market but given the developments in the property market, there is an increasing demand for flats from other buyers as well.
There are reasons to buy flats
More families find that flats provide the most cost effective way to get on to the property market and there is also a lot to be said for a growing number of mature buyers looking to invest in flats. Whether this is to downsize from a large home or to place them closer to the city centre and their busy social life remains to be seen but with respect to Manchester flats, the demand is coming from a broad range of people.
While there is a belief that over time, the UK property market will revert back to a situation where traditional homes (terraced, semi-detached and detached properties) are the main properties in demand, there are some experts who believe that the situation being seen in Manchester will be repeated in various cities.
While a lot of focus falls on the economy and the nature of the property market, there are changes to the way that people live and work as well, which are likely to impact on the demand for certain properties. Flats in and around city centres allow people to be in touch with their social life and travel options, which is something that more and more people are appreciating.