Manchester Property Investment: 2024 Trends & Opportunities

The property market in Manchester has been a focal point for investors and homeowners alike, thanks to its dynamic growth and potential for high returns. As of 2024, the city's property landscape continues to evolve, with both house prices and rental rates showing significant changes. Understanding these trends is crucial for anyone looking to buy, sell, or invest in Manchester's property market. In this blog, we'll explore the latest data, highlighting key trends and offering insights from theOffice of National Statisticsinto how you can make informed decisions in this competitive environment.

Key Takeaways

• The average house price in Manchester reached £243,000 in June 2024, a 3.9% increase from June 2023.
• Average monthly rent in Manchester surged to £1,241 in July 2024, marking a 12.5% annual increase.
• First-time buyers in Manchester paid an average of £223,000 in June 2024, a 3.9% rise from the previous year.
• The market for homes bought with a mortgage saw the average price rise to £248,000, also a 3.9% increase from 2023.

Manchester’s Rising House Prices

Manchester's property market has consistently attracted attention for its resilience and growth. As of June 2024, the average house price in Manchester was £243,000, reflecting a 3.9% increase from the previous year. This growth outpaced the North West's average increase of 3.7%, underscoring Manchester's continued appeal as a property hotspot.

>Breaking down these figures further, we see that detached properties in Manchester averaged £430,000, semi-detached homes were priced at £302,000, terraced houses at £230,000, and flats or maisonettes at £207,000. Each category saw varying degrees of price increases, with apartments in Manchester experiencing the highest growth rate at 4.5%, signalling strong demand for city living.

Surging Rental Market in Manchester

The rental market in Manchester has experienced a significant upswing, making it an attractive option for buy-to-let investors.As of July 2024, the average rent in the city stood at £1,241 per month, a notable 12.5% increase from July 2023. This surge in rental prices is higher than the 9.5% increase seen across the North West, highlighting Manchester's growing demand for rental properties.

This rental growth is particularly pronounced across different property types and sizes. One-bedroom properties saw rents increase by 13.0%, with an average monthly rent of £902. Larger properties, such as those with four or more bedrooms, also saw significant increases, with average rents reaching £1,863 per month, up by 11.0%. These trends suggest that Manchester is not only attracting young professionals and couples but also families and larger households seeking more space.

First-Time Buyers in Manchester: What to Expect

For first-time buyers, entering Manchester's property market remains a viable yet increasingly competitive option. The average price paid by first-time buyers was £223,000 in June 2024, a 3.9% increase from June 2023. This figure is slightly lower than the overall average house price in Manchester, reflecting the types of properties typically purchased by first-time buyers, such as flats and smaller houses.

While the market is becoming more competitive, Manchester still offers a range of properties that cater to first-time buyers. However, with prices continuing to rise, prospective buyers should act swiftly to secure properties that offer good value and potential for appreciation.

The Mortgage Market: A Steady Rise

The average price of homes bought with a mortgage in Manchester was £248,000 in June 2024, marking a 3.9% increase from the previous year. This steady rise aligns with the overall trend in house prices, indicating a stable mortgage market where buyers are still able to secure financing for their purchases.

For cash buyers, the average price was slightly lower at £231,000. This discrepancy between mortgage and cash purchases suggests that those buying with a mortgage are often opting for higher-value properties or are willing to stretch their budgets further to secure their desired homes.

How Rothmore Property Can Assist You in Manchester

Navigating Manchester's dynamic property market can be challenging, but with the right guidance, you can make informed decisions that align with your financial goals. Rothmore Property specialises in helping clients find the ideal property or investment in Manchester. Whether you're a first-time buyer looking for a starter home, an investor seeking high-yield rental properties, or a homeowner wanting to upgrade, our team has the expertise to guide you through the process.

We offer personalised services that include market analysis, property sourcing, and assistance with the buying process. Our deep understanding of Manchester's neighbourhoods and property trends allows us to identify opportunities that others might miss, ensuring you get the best value for your investment.

Conclusion

Manchester's property market in 2024 is characterised by rising house prices and a booming rental sector, making it an attractive destination for both buyers and investors. The city's continued growth and development signal long-term potential, but with prices on the rise, it's crucial to stay informed and act quickly. By partnering with experts likeRothmore Property, you can navigate this competitive market with confidence and secure a property that meets your needs.