Property Prices ManchesterPosted: 04th July 2017
During the first half of 2017 property prices across Prestwich, Whitefield and North Manchester have shown some strong growth, but is this a local phenomenon or is there something bigger happening?
It seems the latter as Manchester remains the number one UK property hotspot, after it was revealed that property values in the city increased faster than any other in the country.
Figures in May 2017 show that the average price of a home in Manchester increased by 8.4% compared with the same month a year earlier thanks to a surge in transactions, while Leicester and Birmingham saw the second joint highest annual house price growth last month, with a rise of 7.7%, as consumer confidence continues to improve.
In contrast, many cities in the south of England, including Bristol, Cambridge and Oxford, continued to register a sharp slowdown in property price growth, but it is London that has seen the steepest declaration in growth, on the back of weaker levels of demand from home owners and investors in the face of affordability constraints, tax changes and weaker market sentiment.
In the capital, property price growth has fallen from 13% a year ago to just 3.5% in April 2017, dragging down the average across 20 of the largest UK cities to only 5.3%, a significant decline from the 8.7% registered in April 2016, according to the latest Hometrack UK Cities House Price Index.
More updates to follow as the rest of 2017 pans out, watch this space.