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Manchester central residential sales jump over 50% in H1 2018

Residential property sales in central Manchester have jumped by over 50% in the first half of the year according to data from one estate agency.

The figures, taken from JLL’s Deansgate office, shows that H1 2018 saw 56% more sales of residential units than within the first half of 2017 – 125 compared to 195 this year.

Residential director at JLL, Louise Emmott, noted that sales strengthened as the first half of the year developed.

“The pull factors of being the most important regional economic hub in the UK and having an increasingly popular culture and leisure scene are keeping demand for city centre living high.

“The resale market has been particularly strong this year, driven by Manchester’s high graduate retention rate – second only to London – and the fact that we’re seeing more young professionals relocate from the South to get on the property ladder.”

Properties are also being snapped up quickly with just 44 days elapsing from a unit first being marketed to an offer being accepted, with the number of buyers registering for property updates increasing by 36% too, highlighting increasing and sustained booming city centre demand.

Property markets across North West exceeding expectations

Manchester residential sales

It’s not just the Manchester property scene that’s enjoyed stunning growth over the last decade. Elsewhere across the North West, markets have been growing ahead of typical nationwide trends and by far outstripping growth rates of the capital itself.

One of the top performers, alongside Manchester, is Liverpool, which just this week was announced that its’ property market value is set to exceed £1bn for the first time.

Read more: Property prices hit record high boosted by increasing northern demand

Housing sales in the city have doubled in the last six years with the value of property sales boosted nearly 125% in just five years according to data released by Search Acumen.

Other key statistics include:

– Average house values up 16% or £20,900 in five years
– 93% increase in transactions over the same timeframe
– Property market value in 2017 came in at an estimated £996m

Read more of the latest property news from the North West and across the UK on our blog.