Property prices across the Bury Borough continue to outperform most areas in Greater Manchester according to official land registry data. In fact, in what might come as a surprise to most, only Rochdale has seen a bigger increase in property prices over the last 12 months. From the data available to us, we can see that Bury property prices have risen 6.7% between April 2017 and April 2018 with an average house price of £167,674 meaning homeowners could be better off by up to £11,234 against last year.
So what is this price increase down to? According to David Warburton, Director at WeLocate, there are a number of reasons why but the city centre is playing it’s part; “Manchester city centre is booming right now. As you are driving down the East Lancashire Road you can see all the new high rise developments going up and with them, huge companies moving their offices to be in this exciting city. You’ve also got the BBC and ITV at Media City in Salford. Not everyone can afford to live in the city centre or they simply don’t want to be within the hustle and bustle and so the outskirts become popular. What we are seeing now is the ripple effect of these changes and anything with good transport links is thriving and will continue to do so.”
The Bury Borough is certainly fantastic for transport links with metro stops at Bury, Prestwich, Radcliffe and Whitefield. In addition to this, there have been new bars, restaurants and boutiques opening up which are proving very popular with young professionals.
Whilst the recent boom is great news for vendors, the same can’t always be said for buyers with competition for property pushing prices up. David added, “we are seeing a huge increase in the number of viewings taking place, particularly at the lower end of the market where you would expect first time buyers to be looking. Mortgage rates are still incredibly low and there are many buyers out there ready to go but they are missing out as multiple people are offering on the same property, which essentially pushes the prices up. This also means a lot of investors who would usually settle for no less than an 8% – 10% yield are having to lower their expectations.”
If you are a vendor looking to sell/let or a buyer/tenant struggling to find your next property in Bury, Prestwich, Radcliffe or Whitefield, WeLocate can help! Call our sales and lettings team on 0161 696 0777 or email firstname.lastname@example.org.