Residential Property Prices In The Northwest Region Have Consistently Risen Since February 2022
UK Residential property prices in Greater Manchester and Manchester have experienced a consistent yet surprising rise since February 2022. What makes the rise in price surprising is that they have reached record highs as high as nearly 11% in two months across the region.
This rise has been explained as the direct result of huge housing demand and a limited number of properties available in the UK market, in general, but more specifically, in Greater Manchester and Manchester.
Greater Manchester Property Prices Spike Post-Covid 19
In Greater Manchester, there are certain areas where property prices have spiked even higher than market expectations in the last two months. These spikes have been attributed both to economic recovery post-Covid 19, as well as the economic and infrastructural developments in the region. These have, in turn, attracted investments, employers, and working professionals looking for permanent residential options in Greater Manchester, to be closer to where they work.
Three Property Hotspots within Greater Manchester and Manchester
Of these areas that have become residential property hotspots, there are three worth mentioning as they have had the most property price increases and are attracting much more attention.
Broadbottom, in Tameside, Greater Manchester
Broadbottom, in Tameside, is the first among the many areas in Greater Manchester that are getting more and more attention from house hunters and buyers that are interested in buying their first home or relocating into the area from other parts of the UK (particularly from London).
Residential property prices in Broadbottom have increased an average of 11% from May to July 2022. That’s a remarkable spike considering that residential prices in Tameside only increased 2% in 2021 and 17% in 2020 (year-to-date comparison).
The Manchester Evening News reports that average residential property prices in Broadbottom now stand at around £302,909.
Regardless, Broadbottom itself is truly a charming semi-rural village with many outdoor luxuries that you would surely enjoy, like its rolling hills and woodlands as well as modern amenities that professionals working in Greater Manchester might want for their growing families.
Orrell, in the Metropolitan Borough of Wigan, Greater Manchester
Orrell, in Wigan, may be the most affordable place in Greater Manchester to live and raise a family, but look out as its residential property prices are rising.
Compared to Broadbottom and Castlefield, Orrell may seem like a steal or even a step down for property investors looking for places that can deliver the maximum appreciation of value.
However, with its proximity to many solid property investment fundamentals and its price range, Orrell residential developments attract many buyers, families, and first-time property investors.
Residential property prices in Orrell have increased 3% from last year and a total of 24% in the last four years. According to the Manchester Evening News, property prices currently average around £201,440, which is an increase of more than £18,000 since May 2022.
The property hotspot that’s got everyone talking is the one nearest Manchester’s city centre. Castlefield has become a sought-after address in the region for professionals and property investors.
It owes this massive interest to being considered a modern urban oasis—close to the city centre, office district, high street shopping centres, and schools while offering residents and tourists leisurely walks along the canals, serene parks, and green spaces, as well as waterfront entertainment, restaurants, and bars.
According to Manchester Evening News, current average residential property prices in Castlefield are at a whopping £324,029. This urban paradise’s property prices have risen 38% since 2019, and 17% in 2021 alone.
Residential Property Prices — A Strong Indicator Of High Demand And Solid Property Investment Fundamentals
These increases in property prices in Greater Manchester and Manchester are direct effects of the increasing interest and influx of people, which is, in turn, brought about by the economic successes, inner and foreign direct investments, as well as many property developments in the region.
To a wider extent, the regeneration developments in and around Manchester, like the upgrades being done for the transport links around the region like the Manchester Airport expansion and the High Speed Rail 2 or HS2, have also contributed to the region’s attractiveness to first-time buyers, homemakers, and property investors.
Residential property price increases are excellent indicators that housing in these areas is in high demand. The property investment fundamentals of these areas are solid, as well with many major investments and employers (thus, an influx of working professionals and their families), schools, shops, and transport links within minutes-only walking or riding distance.
Broadbottom, Orrell, and Castlefield offer excellent opportunities for property investment. But before you jump in, carefully consider your plan and your strategy for investing in the current property market.
There are many ways to make money on property investment. Here at Gladfish, we specialise mainly in off-plan and new build properties like the projects being currently developed in Castlefield. If you’re interested to learn, we can help.
Our team devotes its time and expertise to helping property investors like you by providing you with all the information that you need to make an informed investment decision. And we won’t proceed to look at deals until you have the confidence to invest with certainty.
Chat with our team today on 02079236100 to know more, or join us in our Free Live Masterclass to learn about our unique property investment strategies and how you can apply them when investing in Castlefield, Greater Manchester, or in another UK hotspot area.