Which UK City is Leading the Nation in Skyrocketing Property Prices?

Manchester Property Investment: Decade of Regeneration‍

Manchester's housing market has seen an incredible transformation since 2000, all thanks to a massive urban regeneration project that's given the city a fresh new look. We've seen impressive high-rises and skyscrapers springing up everywhere, and that's caused property values to shoot up to nearly six times what they were two decades ago.

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The Transformation of Manchester's Property Market: A Magnet for Property Investment

Back in May 2000, your average home in England and Wales would cost you around £78,810, according to the Land Registry. But fast forward to today, and that number has skyrocketed to £299,715, marking a jaw-dropping 286 percent increase. 

However, the property boom hasn't been evenly spread across the country. Manchester stands out as the champion with the biggest percentage rise of any local authority. In 2000, an average Manchester house was just £41,625, and today it's a hefty £241,956 – a whopping 481 percent jump.

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Population Growth Fuelling Property Investment in Manchester

Over the last couple of decades, many neighbourhoods in Greater Manchester have witnessed a remarkable influx of new residents. Salford, for example, saw its population grow by 15.4 percent between 2011 and 2021, marking the most significant growth rate in the northern part of England during that period. Manchester as a whole has experienced the most significant population growth among English cities over the last 30 years.

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Manchester Property Prices on the Rise

Property prices in various parts of Greater Manchester have also taken a leap since the year 2000. Oldham's prices have skyrocketed by 481 percent, going from £41,625 to £241,956 in 2023. Bury has experienced a 362 percent increase, with prices climbing from £52,377 to £242,116. Trafford's average home prices have surged from £81,539 to £371,881, a substantial 356 percent increase. Meanwhile, in Salford, property prices have risen from £46,824 to £242,116, marking a 363 percent increase.

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Foreign Investors & Manchester Buy-to-Let Property Investment

This remarkable surge in house prices can be attributed, in part, to foreign investors and companies purchasing properties, which has made it increasingly challenging for local residents to afford homes in their own city. Consider One Smithfield Square, a modern high-rise in Manchester's trendy Northern Quarter. Out of the 77 apartments in the building, records show that 48 are owned by foreign buyers from places like Hong Kong, Singapore, Kuwait, and Saudi Arabia. Another 24 are owned by companies registered in the British Virgin Islands, known for their low-tax policies. Additionally, 20 apartments are owned by British property companies and buy-to-let landlords, with only nine appearing to be owned by the actual residents.

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To find out more about our available properties in Manchester, speak with one of our property experts today.