In
recent years the Manchester market has taken a dive due to falling
prices and demand in the general area. Fortunately, 2012 has seen a rise
of over 5% in housing prices, meaning that buyers are seeing returns on
their investments in this area. It is important to note that the market
conditions in the Manchester area are incredibly variable with the
average home currently being sold for little over 144 thousand pounds..
This means that even though the statistics look somewhat worrying, they
could bounce back in any second. For example, even though the general
trend shows a decrease, there are very outstanding changes in several
monthly reports that would indicate otherwise. In fact, surveyors are
optimistic about the Manchester housing market. Much of the recent
investment into Manchester's city centre is a reason to be more
optimistic about house prices rising in coming years.
It is also
important to note that even though housing sales have decreased, the
rental market is on the rise. This means that first-time homeowners are
generally older now and often opt to rent for the long term first. In
fact, this may indicate a general generational lifestyle change across
the United Kingdom since, for a while, the only area that consistently
reports rising housing prices is London. One of the most worrying
problems about the Manchester housing market is the fact that many first
time buyers have difficulty getting trustworthy mortgage advice
Manchester has to offer. This is mainly due to an economic dive since
the global financial downturn and the fact that unemployment is
consistently high in the United Kingdom.
Fortunately, a little research reveals that
Mortgage Advice Services
in Manchester is easy to find and there are trustworthy mortgage
advisers in the city area ready to impart mortgage advice to Manchester
residents and people interested in living in the area can take advantage
of. In fact, the economic downturn probably indicates that the lowered
housing market prospects are only for the medium term and buyers
interested in making a very long term investment may get an impressive
return for their money.
Some relevant key points to consider
-
Although house prices have declined in the general area, Manchester's
prices have risen by about 5% consistently since early 2012
- Detached properties have seen a huge recent boost (of over 30%, although the annual average is still in the negative.
-
Manchester flats are particularly popular, especially near the city
Centre. While detached property sales have decreased annually by about
1%, flat sales are up by an annual 7%.