Over the past two decades, Manchester has seen extreme price increases within the property market, and it’s not the only northern city to see such an impressive increase.
With the want for affordable housing, it isn’t a secret that house prices have soared all over the UK. However, it is Manchester that has seen the top of these price increases.
In 2002, Manchester house prices were ranging modestly at around £48,845. Throughout the years, these price increases have slowly crept upwards until the pandemic in 2019, which saw a boom in the housing market that still hasn’t stopped, boosting house prices in the North West city to an impressive £210,647, a staggering 331.26% growth over the 20-year gap.
It is usual for investors and buyers to comment on the expensive nature of property investing in London. However, this line of thinking may need to stop, as many Northern cities have overtaken the Southern Capital by a large percentage, which sits around 200.04%.
Cities such as Liverpool have gained an increase of 233.94%. This percentage, when combined with the recent regeneration developments and investment ventures, will see no sign of stopping down within the next couple of years.
These percentage increases benefit investors since these cities are now producing some of the healthiest yields in the country in the recent years.
Interestingly, this is backed up by a buy-to-let barometer released by Fleet Mortgages which detailed that the north of England as a whole is the leading region in terms of rental yields. The barometer highlighted the cities of Manchester, Liverpool and Sheffield as having the best performance amid this surge in tenant demand.
This is great news for investors looking for new property investments. As previously stated, cities such as Liverpool are marching forwards, gaining better investments, and providing more opportunities for residence and those who live within commuting distance to the city.
Recently, Liverpool has described their plans in tackling decarbonisation and their hopes in creating 18,000 new jobs, alongside their main regeneration projects such as Liverpool Waters, which aims to completely reconstruct the waterfront.
Overall, buying property during a time of regeneration and percentage growth allows the investor to purchase property at lower prices, which in return will provide a higher yield as prices naturally increase along with the region’s growth.