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Manchester could be the city to watch next year as investment opportunities pop up across the city centre. The major city in the northwest of England has gone through many a transformation over the years. Now, new research from Ocean Finance revealed how the average house price has changed over the last twenty years across 50 of the UK’s largest towns and cities.
The latest data showed the top 10 cities whose prices have risen the most over the last 20 years.
Ocean Finance found that Manchester homes have seen the highest price increase over 20 years.
Prices have increased by 143 percent over 20 years from £73,910 to £179,537.
Manchester estate agents Bentley Hurst spoke exclusively to Express.co.uk about the property market in the city of Manchester and how it could be set for a “strong” year in 2021.
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Director James Favas and Business Development Manager at Bentley Hurst Jonathan Gold described Manchester as potentially becoming “a mini London” as investment opportunities skyrocket.
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The team is made up of local estate agents who have an impressive collective knowledge of the City of Manchester and everything it has to offer.
“Manchester has come a long way in terms of the property market over the last five to ten years,” they said.
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“There’s been a lot of growth – especially in the city centre. A lot of regeneration in certain areas such as Ancoats and New Islington in the north of the city centre.”
The property experts said this is largely due to the council granting a lot of planning permission for new build schemes.
They continued: “Developers are seeing that opportunity which in turn is obviously creating a demand.
“There’s a big overseas student market here and two very big universities as well and there’s also demand from young professionals and young families who want that city centre lifestyle.
“A lot of these new developments are offering hotel-style buildings with 24-hour concierge, gymnasiums, swimming pools, spas, treatment centres, cinema lounges and communal kitchens where you can hire rooms for a dinner party and a private chef.”
Mr Favas explained how these buildings provide everything in one place so homeowners don’t need to go out anywhere to enjoy themselves.
The property duo descried the city as being “cosmopolitan” and “vibrant” providing the perfect backdrop for young professionals and students.
However, they revealed that house prices for next year in the city are hard to predict due to the current climate.
This year has been a “testing” market for all agents in the City of Manchester and has forced some prices to be reduced in the interim period.
But the estate agents seemed hopeful that next year will be a stronger market when students return and more people look to invest.
They explained: “Manchester as a city by itself has always been a strong performer in the north.
“Prices do always rise in the city centre. These new developments we’re putting on – two bedroom apartments are going for £500,000.
“It’s becoming a mini London in a short space of time.
“I can only see it going up but there are some short-term challenges which will come along such as the stamp duty holiday finishing.”
The property duo said they couldn’t see the stamp duty holiday having much of an impact on investors in the city centre.
“We do expect next year to be a good year for Manchester.”
The estate agents said Manchester is full of new developments with pent house apartments going for upwards of £1.5million and two-bedroom apartments going for between £500,000 and £600,000.
“It’s becoming like London which is really good for us as an estate agent and it’s the right time to invest because in five or six years time those apartments may be double what they’re worth now.”
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