Manchester Property News
Medium-term outlook for UK housing market
Rental price growth is set to outpace sales price growth over the next two years. Driven by a shortage of stock and increased demand, rental growth averaging 3% per year is anticipated for the next 5 years.
The average of the forecasts we have collated suggest UK house prices will fall by a total of -7% over the course of 2023 and 2024. At worst a fall of 10%, which is being forecast by some, will only take prices back to the summer of 2021.
A decline in the number of homes sold in 2023 is likely, taking the annual total closer to 1 million, from 1.3 million expected this year.
On a positive note, there is already evidence of improving affordability and choice in the mortgage markets and if this continues it should help to boost levels of buyer demand. Source: Dataloft, OBR, HM Treasury (Independent average), JLL, Savills, Knight Frank, CBRE, Rightmove, Zoopla, UK Finance
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This Blog looks at what is happening in Manchester, the property market, events and community news along with investment ideas and tips for those loosing to invest in the area.
Tom Simper - Editor
Manchester is one of the fastest growing markets in the country. If you need any assistance buying, selling or letting properties in the area we have over 30 years of experience and local knowledge to help.
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