When it comes to determining the movements of the property market, it can be difficult to stay on top of every aspect that influences the market. Issues like inflation, supply and demand and the availability of local transport can all impact on the market but there are so many other factors involved with the prices for property in Manchester. Some factors that may not even cross your mind as being relevant have been cited by experts in the local area, so if you want to predict what is going to happen next, you may need to widen the areas you research.
A story on the Manchester Evening News website has highlighted the fact that some house owners are considering selling their home because of the high price of parking charges in the city. A study has found that Manchester is the most expensive place for parking in the UK outside of London. This can be seen with the fact that homeowners have to pay £750 per year to park their car at their property. The national average is £59.17, which means that it costs Mancunian residents over twelve times the average parking cost around the UK.
The same study also suggested that a lack of off-street parking also impacts on the ability to sell a home. Comparisons showed that properties without off-street parking took 50 days to sell while properties that had off-street parking were sold in 25 days. If you are looking to sell your home in a hurry, this is obviously a big factor, and it may mean that many homeowners are going to struggle to sell in a short period of time.
Add in the fact that over one third of respondents in the North West of England have said that parking issues would be a reason for them to move house and you suddenly realise that the cost and state of parking is a major issue for property owners and buyers in Manchester.
Another issue which has been tipped to have an impact on the Manchester property market is the introduction of direct flights between Manchester Airport and San Francisco. This will take place from 2017 with Virgin Airways providing direct flights, and this is news that has been welcomed by start-ups and people looking at the growing technology market in Manchester. Add this to the direct flights to Beijing which begin this year and there is another serious reason for major businesses to set up home in Manchester, which should have a knock-on effect for the Manchester property market.
If you need help in figuring out the property market in Manchester, be sure to get in touch with Spencer Harvey for guidance and advice:
0161 480 8888
https://www.spencerharvey.co.uk