Thousands of properties are sold in Manchester every year. And if you’re a property owner considering becoming part of this statistic, you’re in the right place. This article will help you decide whether now is a good time to sell your house in Manchester or whether it’s better to hang on and see where the property market heads in the coming months and years.
To do that, we will provide you with an overview of the current state of the Manchester property market and investigate factors such as supply and demand and what properties get sold for, among other essential considerations. For instance, in the past year, a three-bedroom house in Worsley sold for £ 300,000, while a similar property in the Northern Quarter sold for £ 250,000. These examples can give you a better idea of the market trends in different areas of Manchester.
An Overview of the Current Property Market in Manchester
Over the last five years, the average property in Manchester has increased by around £50,000. And despite the slight dip in 2023, the market is heading, Manchester’s property market is on its way up from its peak in 2022. Currently, the average house in Manchester is selling for around £246,000.
Economic Uncertainty
Despite the slight growth in 2024 compared to 2023, widespread economic uncertainty exists among potential buyers. The dip in 2023 was primarily due to the global economic downturn, which affected property markets worldwide. As do interest rates, the cost of living remains high, two of the driving factors when generating demand for selling properties.
That’s why not all areas in Manchester have seen a small hike in property prices. For example, property prices in the Manchester City Centre, Atherton, and the Northern Quarter have fallen the most in 2024.
Change-Resistant Areas of Manchester
Here, we’d also like to point out that despite what the economy looks like (to a large extent), there will always be areas in Manchester where properties will sell no matter what. Some such regions include Worsley, West Timperley, and Didsbury.
These areas may seem almost immune to the economic crisis that the UK is going through, mainly due to their central location, affluent reputation, safety, and various other factors. These other factors include the presence of high-quality schools, which attract families; the availability of green spaces and recreational facilities, which enhance the quality of life; and the presence of thriving local businesses, which contribute to the area’s economic stability.
A Forecast of Manchester’s Property Market (According to Experts)
According to Joseph Mews, Manchester is predicted to see one of the most significant compared to the rest of the UK. This is anticipated as the city is undergoing significant developments, and the population continues to climb with no sign of slowing down.
Year-on-Year Growth
Contrary to previous expert predictions, Manchester’s property market is expected to grow by 2.5% year-on-year, a trend that is projected to continue until at least 2027. This stability and growth potential could provide property owners with a reliable and consistent return on their investment, instilling a sense of optimism about the market’s future.
Only time will tell whether that will happen. So, if you’re still deciding whether to sell your property in Manchester, keep reading to get our genuine thoughts on what we’d do if we were in your situation. However, it’s important to note that property market forecasts are not guaranteed, and there are always risks involved in property investment. We recommend consulting with a professional before making any decisions.
Should You Sell Your House in Manchester or Wait?
Personal reasons aside, if you’re looking to cash in on an existing property you’ve had for a while and profit from, right now would be a great time to sell your house in Manchester.
As mentioned, despite the slight dip in property prices we saw during our Manchester property price update in June 2023, Manchester’s property market has returned in 2024 and is back to its peak.
Some additional factors that you should consider before selling your property in Manchester are its condition, its location, and the future of that area.
As you may or may not already know, Manchester and the infrastructural development projects around the city are increasing. If your property is in a central location and is bound to undergo significant development, that could have a considerable positive impact on the price of your property, in which case, waiting to sell might be worth considering.
The 2024 Manchester Property Market
Whether now is a good time to sell your property in Manchester will depend on several different factors. From a financial standpoint, there hasn’t been a better time to sell in the last few years.
2024 property prices are rising, and as experts predict that the city will continue to increase in population, practically any decent property in a good location will get sold in weeks, if not days.
We value your decision and are here to support you. If you’re considering selling your house in Manchester, we invite you to fill out the enquiry form on our website. One of our friendly team members will promptly contact you to discuss your options. During the call, you will receive our free, no-obligation cash offer for your home, providing you with the information you need to make an informed decision.
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