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Manchester Redevelopment Offering Promising Capital Gains

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Data from SmartNewHomes.com, the UK’s leading new homes website, reveals that new homes in Manchester have risen by an overall increase of 13.6% over the last two years whilst wider market movements show a decrease of 5.2% for the UK over the same time period.

The North West in general has experienced an increase in new home prices of 34.6% over the last three years compared to average increase of +9.9% across the whole of the UK. Similarly, Manchester’s new homes market has weathered the wider market slowdown better than most, with prices slightly down by 2.7% since the same time last year compared to a decrease of 5.3% in average UK prices. This all points to promising capital gains for investors and homebuyers across the region.

Apartments still dominate the majority of new development in Manchester, making up 64.1% of all new homes compared to 15.9% detached homes and 14.1% semi-detached. This reflects the extent of city centre redevelopment with schemes such as Crosby’s redevelopment of the legendary Hacienda nightclub, Redrow’s Vie and Bryant’s Green Building contributing to the central regeneration of the city. The high-specification, low maintenance and desirable locations of these new apartment schemes are making them popular choices for investors with some developers expecting yields of up to 7%.

David Bexon, Managing Director of SmartNewHomes.com, comments: “Manchester has been the most significant example of successful regeneration in this country, reinventing itself as a modern, trendy and vibrant city. However we have not seen the end of Manchester’s redevelopment and the future is looking just as exciting. The work on the Piccadilly area of the city is a huge project as will be the Metrolink extension and there is also the anticipation of the BBC’s imminent move north; all will open up new areas of Manchester to developers, homebuyers and businesses.

“The city which boomed with its Millennium revival has matured into a market with long-term growth potential and with so many exciting projects still to come, I am confident that it will continue to grow over the second half of this decade.”

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