The average age of first-time buyers in the UK is rising, with average buyers aged 33 before they purchase their first home.
Manchester is significantly below this average, as nethouseprices.com reports that the average age of a first-time buyer in Manchester is only 26, making it a more viable location for those purchasing their first home.
And according to GoCompare, the average house price in Manchester is £173,381, significantly below the average £226,798 property price in the UK.
For those watching Manctopia: Billion Pound Property Boom, the new BBC series which started on BBC2 this week examining both sides of Manchester’s property boom, many will be wondering whether now is a good time to buy.
Indeed, Google search statistics show that interest in first-time property purchases in Manchester is back up following a drop during lockdown – and the current situation is providing some unique opportunities and incentives for first-time buyers.
One of the incentives to buy now is Chancellor Rishi Sunak’s announcement that all purchases of main properties below £500,000 before the 31st of March 2021 will be void of stamp duty.
“The new stamp duty holiday presents a fantastic opportunity for first-time buyers to purchase a new home within Manchester,” say the sales team at DeTrafford, a Manchester housing developer.
“They will be saving thousands of pounds which can be spent on decorating their new home.”
Developments such as DeTrafford’s new St George’s Gardens, for example, now give first-time buyers the chance to purchase property at a more affordable price under the stamp duty holiday, saving up to £15,000.
Another incentive for many first-time buyers is the fact that we’re all spending much more time in our homes right now – and the past few months of lockdown have shown many people the importance of having a good home environment to work in.
As the COVID-19 pandemic continues with restrictions in place for the foreseeable future, many workplaces are implementing more flexible practices in regards to working from home.
Homeowners are often more easily able to make the necessary adjustments to create a workspace area suitable for the long term, unlike many renters, which is an added incentive to many people at the moment.
And finally, estate agents also say that buying property in Manchester currently represents a fantastic investment opportunity.
Unlike London, where property prices have stagnated, Manchester property prices are currently growing by around 7.4% annually with no signs of this growth stopping. This makes Manchester the fastest growing city in the UK.
According to Zoopla, Manchester’s average house price increased by 57.8% between 2009 and 2019, substantially higher than the 40.4% national average during the same time frame.
And research from Coulters Property has looked into the housing landscape for first-time buyers across the past 20 years and revealed house prices in the North West have more than trebled in the past 20 years.
Which means first-time buyers could get a significant return on their investment when selling their property.