Although the pandemic stalled property transactions for a while, ultimately, it has helped to push prices even higher. The Stamp Duty holiday encouraged a flurry of activity as the lifting of restrictions combined with an opportunity to save a substantial amount of money spurred many people to move.
In some areas, particularly desirable parts of London and popular areas for staycations such as Cornwall, prices started rising by the day. Demand for homes generally outstrips supply too, which has helped to heat the market further. In July, property prices in the UK were seen to set a new record at nearly £370,000 according to data from Rightmove, and demand from buyers is more than 25 per cent higher than at the same time period three years ago. A report in the Mortgage Finance Gazette suggests that house prices are set to rise another 5 per cent this year, even with as the cost of living crisis escalates.
Buoyant Manchester market
Parts of Greater Manchester have also seen property prices rising steeply, and some homes have gone up in value by more than a hundred pounds a day, according to figures from Zoopla. In the Bolton area, house prices have risen by an average of £77 each day since the beginning of the pandemic.
In Salford, properties within the M28 postcode, which includes Eccles, Little Hulton and Worsley, have gone up by £70 daily since lockdowns began, which represents an average price rise for properties in the area of around £55,000.
In the Trafford area, house prices have increased by an average of £76 daily, and in a different part of Trafford, the property price increase has been £72 each day since the corona crisis began. The Saddleworth area of Oldham has seen prices go up by £75 daily since the beginning of the pandemic, adding an average of nearly £60,000 extra to property prices there.
Similarly, prices in the Stockport area have risen significantly, with properties costing nearly £60,000 more since the pandemic started, equating to a daily price rise of £79. In WA14, the most expensive part of Trafford and Greater Manchester, the price of property has risen by £96 daily, equating to an average price increase of around £77,000 for a property there.
However, the area that has witnessed the steepest price hike is WA15 in Trafford, where prices have gone up by £102 daily since 2020, and properties there will cost an average of around £80,000 more.
Be prepared
If you’re thinking about buying a property, you will need to do your research and find out as much as possible about the property before you sign on the dotted line. For most home buyers, carrying out a survey beforehand is strongly recommended to ensure that you get an informed and impartial assessment of the structure in question and any faults or issues it may have. If you’re looking for a home buyers survey in Manchester it is advisable to use a local firm with a solid reputation. Specialists such as Sam Conveyancing can present you with a range of options.
Buying a property can be both exciting and stressful. If you’re in the market for a new home, then it is important to be aware of price trends and find property that represents good value. Once you’ve found the property that ticks your boxes, it’s important to have a good team of experts in place to ensure that the transaction progresses quickly, accurately and cost-effectively.
