Manchester Property Market

Manchester Property Market

Manchester Property Market 2024 - An Upward Trajectory

The Manchester property market continues to thrive, cementing the city's status as a prime location for investment and development. This trend is echoed in a comprehensive report by CBRE, which places Manchester at the pinnacle in several key sectors. At @ThePlace, we acknowledge this achievement, particularly in areas like offices, urban logistics, self-storage, student accommodation, multi-family housing, and single-family housing.

manchester property market

"Which City? Which Sector? Real Estate Prospects over the Next Decade," a report by CBRE, highlights Manchester's strong position in the Manchester property market, especially in the life sciences sector where it ranks just behind Oxford and Cambridge. The report, a valuable resource for understanding trends in the Manchester property market, was developed by analyzing growth prospects across the UK's major regional cities, taking into account economic indicators and property market data.

John Ogden from CBRE North comments on the Manchester property market: "Economic and demographic factors are key when identifying growth markets for office real estate. Manchester's top ranking is influenced by its projected robust GDP growth."

manchester property market

Population Growth & The Impact on the Manchester Property Market

Manchester's projected population growth, a crucial factor in the vitality of the Manchester property market, is estimated to increase by about 6% in the next decade. This growth trajectory places the city at the forefront of the purpose-built student accommodation sector, surpassing other notable cities.

Ogden further notes: "The UK PBSA sector's success is closely tied to higher education demand. Manchester's top spot is bolstered by The University of Manchester, the largest and most applied to university in the UK."

Tom Sinclair of CBRE discusses the Manchester property market's potential, particularly in rental and economic fundamentals, which positions Manchester as a top city for growth in multi-family housing (MFH) by 2030. The city's large private rented sector, representing 29% of households, is expected to grow, fuelled by the anticipated population increase.

manchester property market 2024

Single-Family Housing

CBRE's analysis of the Manchester property market also identifies key growth cities for single-family housing. It shows economic growth, family population, and rental affordability as main drivers. Sinclair adds: "Manchester leads the way in this sector, indicating the city's strong economic forecast and subsequent housing demand."

manchester estate agents

The report also sheds light on the demand for urban logistics space. In the Manchester property market, this is driven by online shopping trends. Manchester's top ranking in this sector is attributed to its high online penetration rate. Also, its anticipated population growth in relevant age groups.

In summary, CBRE's findings showcases the city's strong performance across various sectors. This robust growth narrative positions Manchester as a top destination for investment and development. A sentiment we at @ThePlace strongly resonate with.

estate agents near me



How much are estate agent fees?

How much are estate agents near me fees?

Typically, estate agents fees can reach heights of 3.6% of the sale price and can fluctuate based on the number of agents attempting to sell your property and the quality of your initial negotiations. In the year 2022, the average fee for an estate agent stood at 1.42%. Therefore, if your property was sold for a price of £275,000, the agent's share would be £3,900. It is worth noting that @ThePlace fees are considerably cheaper than these.

Should you use more than one estate agent?

Should you use more than one estate agent?

It's typically practical to engage two estate agents near me under a joint sole agency agreement for selling a single property only if you intend to hire a nationally operating specialist agent alongside a local generalist. For instance, you might prefer a national agent specialising in high-end properties, in addition to a local agent familiar with your area. Joint agency agreements often carry higher charges, usually around 2.4% including VAT. Engaging two local agents under a joint sole agreement usually doesn't make much sense, as their market coverage will overlap, and they won't be motivated to outdo each other to close the deal. Employing two estate agents also carries the risk of one agent attempting to benefit from the efforts of the other without contributing equally.

Do I have to pay estate agent fees if I decide not to sell?

Do I have to pay estate agents near me fees if I decide not to sell?

If you decide to pull out of a sale, it's customary to face charges to cover the expenses an agent has already incurred, like advertising. Also, it's standard to pay part or all of the estate agent's commission, but only if your signed contract includes a "ready, willing and able purchaser" clause. Essentially, this clause signifies that you're obligated to pay the agent for their work in identifying a potential buyer, even if unforeseen circumstances cause you to back out of the sale.

What is the best way to sell a house UK?

What is the best way to sell a house UK?

To maximise the sale price of your property, it's recommended to collaborate with a reputable local estate agents near me. Local estate agents are well-versed in the specific characteristics and trends of your area's property market. They have in-depth knowledge about the neighbourhood, understanding what attracts buyers and can accordingly highlight these features in their marketing efforts.

A good local estate agents also has a strong network of potential buyers, which can expedite the sale process. They can provide professional advice on the right pricing strategy based on comparable sales in your area and current market conditions. Additionally, their negotiation skills and expertise can help secure the highest possible price for your property.

Are estate agents regulated?

Are estate agents regulated?

The primary regulation of estate agents is dictated by the Estate Agents Act 1979 (EAA) and the Consumer Protection from Unfair Trading Regulations 2008. Beyond this statutory regulation, since October 1, 2008, all UK-based estate agents involved in residential estate agency work must be part of an approved redress scheme. They can choose either The Property Ombudsman or the Property Redress Scheme, a requirement put forth by the Consumers, Estate Agents and Redress Act 2007.

Will estate agents lie about offers?

Will estate agents lie about offers?

As part of the regulations associated with an ombudsman, estate agents are strictly prohibited from fabricating or concocting details about any existing or non-existing offer. Additionally, it is mandatory for estate agents to promptly communicate offers to the property sellers, and this must be done in writing.

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