IOS: Tremendous Increase in Manchester and Salford House Prices
In a recent report published by the Manchester Evening News, the property prices in Manchester and Salford (U.K.) have seen tremendous growth in the last few years, and in some cases higher than the national average house price index.
According to estate agency Cushman & Wakefield, the house prices in Manchester has increased by 34% over the three years to July 2017. Meanwhile, the prices for properties in Salford has risen by 38% over the same period.
Just for the record, the average national house price index in UK over the same period was 30%.
This statement is also supported by the results found on property website Zoopla's latest Sentiment Survey, which shows that approximately 84% of home owners in these areas expect their house price to continue to grow upwards.
The survey by Zoopla shows that the confidence of homeowners remains very strong, with most of them believing that the house price will rise by a substantial 6.9% in the coming months.
Despite the high growth in property prices, Manchester remains an attractive destination for property investors from all around the world. This is largely due to the recorded high rental yield ranging between 5%-7%.
Julian Cotton, Associate Director at Cushman & Wakefield suggest that properties in Manchester still attracts investor because of the high demand in the rental segment. He quoted, 52% of the entire housing stock lies in the Private Rented Sector (PRS).
Property Hunter publish an Investing Overseas Series (IOS). Click to read the interactive story on Manchester : The World's Property Hotspot.