By New analysis by our UK Property News team highlights the importance of reviewing property price performance on a local and regional basis, with the latest property price data showing the North West outperforming national growth while Manchester itself remains relatively steady.
Zoopla’s latest House Price Index from September highlights the North West as one of the strongest-performing markets, with property prices rising 3.1% year-on-year, compared with just 0.8% nationally. The latest House Price Index data reflects a similar story, with year-on-year growth at £221,000, up 4.4% year-on-year.
Meanwhile, the latest ONS data paints a more subdued picture for Manchester itself, with the average house price standing at £252,000, up 1.2% year-on-year, compared with 4.4% growth across the wider North West.
The difference highlights an important point for homeowners, buyers and property investors, and that is that average house price figures don’t always tell the full story.
A review of long-term performance
Manchester has frequently made headlines for its property market, with the city undergoing significant economic, cultural and physical regeneration over the past two decades.
Long-term property price performance has reflected that transformation. Since 2005, Manchester has delivered average annual house price growth of around 4.7%, ahead of the equivalent long-term averages for the UK, England and the wider North West of around 3.2%.
While Manchester property prices continue to hold steady, current annual growth is behind the wider North West. This suggests that some of the strongest growth is now being seen beyond Manchester itself and demonstrates just how differently local property markets can perform, even within the same region.
What does this mean for the Manchester and North West property market?
Our expert property analyst, Kate Faulkner OBE, has long argued that there is no such thing as an average UK property market, and that understanding what is happening at a local level is crucial for everyone from buyers and sellers to landlords, investors and tenants. Commenting on the latest North West and Manchester property price data, Kate Faulkner OBE said:
“The difference in house price growth between the North West as a region and Manchester is a clear example of why property price averages don’t tell the full story. For buyers and sellers, relying on a national or even regional average can give a very different picture from what is actually happening to prices in their local area.
For landlords and investors, understanding those local differences is even more important when assessing property values, rental demand and potential returns. And it affects tenants too. Just as house price growth varies significantly from one area to another, so do rents and rental growth.”
The latest property price analysis comes ahead of the National Landlord Investment Show’s return to the North West in Manchester on 14th October at the Concorde Conference Centre, which brings together a room of experts, including Kate Faulkner OBE to discuss the outlook for landlords, investors and the wider UK housing market
The free-to-attend event will bring together some of the UK’s top property experts and will provide 30+ expert-led education property seminars covering property investment, finance, taxation, legislation, compliance and the changing private rented sector. The show will also feature an expert-led seminar from the Greater Manchester Good Landlord Charter.
The event is sponsored by LRG/Leaders, Aria Finance as headline sponsors and show sponsors including LOFT, Alan Boswell Group, Aico, IWN Accountants, Barclays and the Guild of Lettings & Management.
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