MANCHESTER, ENGLAND, October 26, 2012 /24-7PressRelease/
-- There has been significant change within the Manchester and the North West housing markets in recent years, despite the fact that nationally house prices continue to tread water.
Over the last decade, prices in both the city and the region have experienced significant change. Since 2002 the average property price in Manchester has increased 57%, from GBP78,328 to GBP123,063 in 2012. However, in the last five years, when the market has fallen from its peak, this figure has dropped 22% from an average of GBP158,541 in 2007.
Regionally property prices have increased 46% (GBP89,465 to GBP130,397) since 2002, meaning both the local and regional averages have outperformed the UK increase of 38% in the last decade.
Colin Baldwin, Halifax Mortgage Manager for Manchester Central, comments: "The changes in the property market in recent years have been very much reflected in our experience locally. Whilst property prices have risen, Manchester remains popular amongst first time buyers who are attracted to the lifestyle and variety of property types that are available in their price range.
"We have noted a marked increase in the number of mortgage applications from people looking to buy in the city
, as apposed to the wider region, in recent months and our longer term fixed rate mortgages
have proved particularly popular due to the reassurance that they give buyers managing their monthly outgoings."
Postcode Price Changes
Of 18 Manchester postal areas included in Halifax's analysis, all have experienced rises in the average property price since 2002.
Cheetham Hill and Crumpsall have seen the greatest increase over the last ten years, rising 119% from GBP47,547 in 2002 to GBP104,292 in 2012 with average property prices in Blackley, Burnage, Moston and Newton Heath also increasing by over 100% in the last decade. The smallest increase (23%) was in Urmston, Davyhulme and Barton Dock Road.
First Time Buyers
The average price of property bought by first time buyers in Manchester
has increased by 68% in the last decade, which is marginally less than the regional increase of 72%.
In the 12 months to July 2002, the average price of a property on the first rung of the ladder in the city cost GBP64,194 (North West GBP60,420) with this figure now standing at GBP107,899 (NW GBP103,869). However, in 2007 this amount was GBP130,599, representing a fall of 17% in the city in the last five years.
At GBP19,726, the average first time buyer deposit in the city is slightly higher than the regional average, which stands at GBP18,661.
Difference in Property Types
Detached homes are the only property type which has a higher average price in the North West than Manchester. Regionally the average price for detached property is GBP236,177, whilst in the city this stands at GBP188,772.
All price figures refer to the arithmetic average of house prices and have not been standardised. These prices are not standardised and therefore can be affected by changes in the sample from year to year. The data covers the period 2002 to 2012 and has been extracted from the Halifax House Price database. The figures cover the 12 months to July 2012.
"This report is prepared from information that we believe is collated with care, however, it is only intended to highlight issues and it is not intended to be comprehensive. We reserve the right to vary our methodology and to edit or discontinue/withdraw this, or any other report. Any use of this report for an individual's own or third party commercial purposes is done entirely at the risk of the person making such use and solely the responsibility of the person or persons making such reliance."
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