Manchester Property Investment Market Overview 2024

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Manchester Property Investment Market Overview 2024

Manchester Property Investment | If you are already aware of why investing in Manchester is a wise decision, this article will offer a detailed analysis of property price and rental price trends, along with predictions for 2024 and the future.

What Is The Average Property Price In Manchester In 2024?

According to the latest Land Registry data, as of February 2024, the average property price in Manchester has reached £244,594, marking a steady increase.

 

Sold prices have risen by nearly 4% compared to the previous year and are now 94% higher than they were at Feb 2014, which stood at £126,112.

 

Proven to be an attractive investment option offering exceptional growth, Manchester’s property market continues to thrive with ongoing regeneration and city investments such as the opening of Co-op Live and airport terminal expansion. 

How Does Manchester Property Price Compare To Other UK Cities In 2024?

The average property price in Manchester is currently £244,594, significantly lower than London, where the average stands at £502,690 (and £808,976 in the City of London). 

 

Comparable cities such as Liverpool and Birmingham present slightly lower average property prices, at £180,427 and £231,414, respectively.  

 

This comparison shows that Manchester is an attractive middle ground for affordability while providing compelling investment potential. 

Recent Trends In Manchester Property Prices

The property prices in Manchester have surged by 98.7% over the past ten years.

 

In December 2013, the average property price in Manchester was £124,914. It grew steadily every year despite COVID-19. The table below summarises the property price trend in Manchester: 

 

Table 1: Average Property Price In Manchester 2013-2023

Year Avg. Price (At Dec) Annual % Increase
2013 £124,914 6.19%
2014 £134,384 7.58%
2015 £145,096 7.97%
2016 £156,281 7.71%
2017 £172,720 10.52%
2018 £179,408 3.87%
2019 £185,788 3.56%
2020 £201,704 8.57%
2021 £229,661 13.90%
2022 £240,559 4.70%
2023 £248,260 3.20%
% Increase For 10-Year  98.7%

Source: Land Registry

Manchester Economic Forecast In 2024

 

When considering the property market trend, economic growth is one of the essential factors.

 

According to EY, Manchester’s economy is expected to experience annual average growth of 2.2% between 2024 and 2027, outpacing the national growth rate of 1.9%. This would result from increased investment, job opportunities, and city regeneration efforts.

 

For long term investments, according to JLL’s Big Six Residential Development Report, Manchester is projected to see a 21.1% increase in Gross Value Added (GVA) by 2032.

 

As economic growth continues to perform well, businesses are expected to start or establish branches in this northern powerhouse, thereby driving housing demand in the city. 

Manchester Supply And Demand In 2024

Manchester’s population has undergone significant growth, by 2026, the city centre alone is expected to accommodate 100,000 individuals. 

 

Also, employment figures in Manchester city centre are expected to reach 315,000 by 2040, the growth surpasses that of the entire northern area, this thriving job market drives housing demand in the city. 

 

However, according to Deloitte’s Manchester Crane Survey 2024, only 2,402 new homes were delivered across ten schemes completed in 2023. This figure is largely consistent with the number of homes delivered in 2022 and shows a significant supply-demand imbalance in the city. Meaning it’s unlikely to adequately address the overwhelming demand for property across Manchester.

Manchester Property Market Predictions 2024 And Beyond

Manchester has witnessed a consistently high demand for homes over the past three years, with property prices soaring by 23% since the end of 2020. 

 

In 2024, the industry expects the supply of housing in Manchester to remain constrained; property prices are expected to rise at an average annual rate of 3.3% through 2026 according to JLL Residential Forecasts, presenting an optimistic picture.‍

Manchester Rental Market Predictions 2024 And Beyond

As property prices in Manchester continued to rise in 2024 and the demand for rental properties outstripped supply, competition is intense among tenants.

 

According to the JLL Big Six Residential Development Report, Manchester led the Build-to-Rent (BTR) investments among major UK cities in 2023 with £148.6 million invested. Average annual rental growth is forecasted at 2.6% until 2026 by JLL Residential Forecasts.

 

The average gross rental yield in the UK currently stands at 5.60%, as per the latest Zoopla Data. However, our investment properties in Manchester consistently deliver rental yields of at least 6-7%.

 

For additional information or assistance, reach out to one of our investment experts today at +44 (0)151 433 9300 or via email at contact@advantageinvestment.co.uk.

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