Manchester & the North West Quarterly Insight Spring 2023
Our inaugural Quarterly Insight explores trends and performance across Manchester & the North West, as well as across all our operating regions within Lomond including Scotland, Yorkshire, Birmingham & West Midlands, and the South Coast. Expert commentary accompanies all the data research.
Covering Manchester, Stockport, and Chester, our local experts have an unrivalled depth of knowledge in key strategic locations.
Manchester has seen an 11% year-on-year increase in house prices due to the increasing demand for people looking to buy in the popular city centre and surrounding areas. This significantly outperforms the national average of 7%. Other desirable areas in the North West include Stockport and Christleton near Chester which was deemed one of the best places to live in the North West.
Our supply, demand, and activity have remained consistent compared to last year with 34 new instructions, 22 exchanges, and 248 applicants per branch.
There is no denying Manchester is a hotspot for investment properties with 1/3 of the population being in the privately rented sector and there has been a 19% increase in the number of households in the last decade.
The city is also home to 3 universities including the University of Manchester which is ranked 28th in the world and 44% of students are from overseas. This results in a major demand for student properties each year, contributing to the 15% uplift in rents over the last 12 months alone.
Compared to last year we have definitely felt the demand for rental properties increase as we have 324.8 applicants per branch and we receive 46.4 applicants for every new instruction which is a dramatic increase from last year.
To find out how we can help you with your sales or lettings needs, contact your local branch.