The average property value in Manchester has increased from £139,783 to £296,536 over the past ten years.
At this rate, the average property price in Manchester in 2031 would be around £629,000.
A new study by Share To Buy has revealed that Manchester is the best place to invest in a property for any homeowner – and they say it’s no wonder that Manchester property prices are soaring faster than any other city in the UK.
After all, Manchester is one of the UK’s top locations to live in due to its wealth of entertainment, from shopping at the Trafford Centre to catching live music at the Manchester Arena and watching football at Old Trafford.
The average UK property value has increased 10% this year alone – and some locations have increased in value more than others.
Using UK government Land Registry data, the new study examines the UK locations where property values have increased the most and speculates what these property hotspots could be worth in 10 years’ time if growth continues at the current rate.
The increase of 112% puts Manchester ahead of Coventry, with a 93.7% property value increase over 10 years, Birmingham, Gloucester and Milton Keynes.
“First-time buyers looking to get on the property ladder may wish to do so for a combination of reasons: it’s common to not just want a comfortable home to live in, but the chance to buy in an area you love, as well as making a solid investment to ensure financial wellbeing over the long term,” says Nick Lieb from Share to Buy.
“Locations where property values steeply increase are a great option for buyers looking for not only a home but an investment; however, the initial costs in these locations are often out of reach for first time buyers.
“While these projections are of course based on the current rate rather than our own forecasts, many potential purchasers are already feeling priced out of the property market in popular areas – that’s why schemes like Shared Ownership and Help to Buy exist.
“These government-backed products assist buyers in climbing the property ladder by lessening the upfront deposit costs.
“Shared Ownership allows buyers to purchase a share of a property, while Help to Buy can help first time buyers with the assistance of an equity loan.
“As a result, eligible buyers who would otherwise struggle to buy can purchase properties in sought-after locations which offer a rich lifestyle and a solid return of their initial investment when the time to sell eventually comes.”