The price of a typical home across the country is now 20% higher than it was in February 2020, with the average house price in the region currently around £249,400, according to Rightmove
The UK property market is showing no sign of slowing down any time soon after yet another house price growth. Due to a shortage of homes for sale but a high demand of people looking to move, house prices jumped by 12.6% in February – which is an increase for the seventh month in a row.
The average price of a home in the UK now stands at £260,000, according to Nationwide, which is the highest ever on record.
Greater Manchester estate agents are very much seeing the effects of the current property market come into play, with many sharing concerns that homes are becoming even less attainable for first-time buyers.
The price of a typical home across the country is now a huge 20% higher than it was in February 2020, with the average house price in the region currently around £249,400, according to Rightmove.
Jake Rowson, sales director at estate agents Ryder & Dutton says there is currently a ‘race for space’ across Greater Manchester.
The property market in Greater Manchester is performing exceptionally well, and house prices across the area are on the up due to a huge surge in buyer demand, he said.
In February 2021, when people were racing to buy before the end of the stamp duty holiday, 2,051 new buyers registered with us. This February, despite there being no stamp duty incentive, that number increased by 25% to 2,791, he says.
It’s all boiling down to a race for space. Many people’s working patterns have now settled down post-pandemic, and now they know they won’t be going back to the office full time, they want bigger homes with space for a proper office, he says.
Jake also says that the house price growth is forcing first-time buyers to get on the property ladder quicker. The number of first-time-buyers registering with us in Greater Manchester is also rising, as younger people begin to feel more secure in their jobs post-pandemic.
The sales director said there is no sign of house prices slowing.
The average price of homes we sold in Greater Manchester this February stood at £260,000, up 27% compared to February 2020, when it stood at £190,000, and this price growth shows no sign of slowing, Jake said.
Steve Litt, director of Steve Litt Bespoke Estate Agent says house prices are particularly high in Stockport.
There’s still a short supply of homes available, and the buyer demand is simply so great, so buyers are getting into bidding wars for most properties they go for, he said.
He said: The demand is just as much as last year, if not slightly more. The average house price in Cheadle where I’m based has exceeded £350k now, which is a big increase over the last few years but shows the market is still strong.
