For the past 4 years I have been viewing between 30 and 100 residential properties per month in Manchester. In the past 4 months the market has boomed like never before. Watch the video and keep reading to know more if you're interested in property investment in the UK.
The latest report from Hometrack is showing Manchester as having the second highest capital growth in the country with 4.2% capital growth YoY between Aug 2019 and Aug 2020. When you consider that the entire country was in lockdown for 3 months in the spring with no viewings taking place this number is really quite incredible. In the same period a year earlier Manchester grew 3.6%.
Based on my personal experience over the past 3 months, whilst viewing well over 200 residential properties in Greater Manchester, this growth trend is accelerating faster than I have ever seen before. But why is that?
The Stamp Duty Holiday
Influx of investors from Hong Kong, taking advantage of the good exchange rates and the recent relaxing of visa requirements for BNO passport holders
More people looking to re-locate following a change in circumstance brought about by Covid
Will it continue?
Unfortunately, I can’t see in to the future, but I am willing to make some predictions. This growth phase will continue for the next 3-5 years. I predict house price growth in Manchester of between 20-30% during that period. This will be followed by a market correction in the region of 10-15%.
Actually what we are seeing now perfectly maps on to the ‘18 Year Property Cycle’, which I will explain in detail in next week’s YouTube video.