Manchester Property Market Forecast 2022
Manchester’s property market saw increased demand vastly outweigh property supply in 2021. There were only 13,600 properties sold across all the Manchester postcodes in the twelve months leading up to and including January 2022, with only 514 (3.8%) of these being new-build homes.
What does 2022 have in store for Manchester’s property market?
Given that a lot of families raced to find rural houses with lots of open space as lockdowns came and went, the fact that 6,032 (44.4%) homes sold were priced from £100,000 to £200,000 is not a surprising statistic, as the average price of a first-time buyers’ home falls in this price range. We can, however, expect to see more movement from families in 2022.
As companies across the city, and indeed in the rest of England, end their work-from-home schemes in line with government rules, this poses a question: will families who went rural in the past 18 months remain there, or will they return to city living?
Given that the number of cars on the road rises just as quickly as property prices, making a sizeable commute to and from work, not to mention the school run, is becoming less and less favourable. Of course, living in the countryside still promotes a healthier lifestyle with cleaner air to breathe, for example, but the benefit of extra space at home is all but erased when it is no longer used or needed.
Another factor to take into the city living equation is tenants. They returned home in vast numbers during the various lockdowns, but now that we are seemingly out the other side of the pandemic, Manchester’s rental scene looks bound to flourish once more – especially considering students will be returning to fully on-campus schedules for the next academic year.
Young professionals will also be looking to regain their independence as they search for their own space post-university life. This might cause the 20% of UK landlords who are looking to sell their properties to reconsider, given that they may finally have the chance to make returns on their investments unlike what they have endured for the past two years. The potential for unused commercial and retail spaces to be converted into rental properties will also light up the eyes of the 7% of landlords who want to expand their property portfolios.
Are you looking to buy or sell a house in Manchester? Perhaps you’re a tenant in search of a new property or a landlord wanting to let existing and find new investments? Contact your local Thornley Groves team today and let our trusted property professionals take care of all your needs.