According to property website, Rightmove, prices of houses in Manchester have fallen by 1.7% which is good news for any potential sellers looking to buy a house in the area. However this isn’t this isn’t uncommon during the quieter winter months.
As a mortgage broker in Manchester, we ensure that we keep ahead of the game to ensure that we bring you the most up to date information in regards to the property market.
The average figure for house prices in the UK is at an average of £267,127, however, this overall figure will include London properties which are priced much higher.
The asking prices of homes throughout the country actually fell during October and continue to during the winter period. This is one of the signs that the property market is cooling. Although, house prices have lowered slightly, demand for property in the Manchester area remains high. In fact this is one of the reasons that prices have lowered because the mortgage lending criteria has been made tighter making it more difficult to fund mortgages for higher priced properties.
Selling has become more difficult in recent months in comparison to earlier on in the year when the property experienced a mini sales boom. 2014 has seen highest amount of housing transaction volumes since 2007. It should however, be noted that during this month, November 2014, the average of stock properties held at estate agents fell to an average of 60 properties.
New properties that have entered the market this month are 1% less than the same time last year and a 15% less than October.
Affected House Prices around the Country
Although house prices in Manchester have fallen, they have varied throughout the country, so let’s take a look at how some of the house prices around the country have fluctuated in comparison to last month – October.
- South West – 3.9% fall
- North – 3.6% fall
- North West – 3.3% fall
- East Anglia – 0.7% Rise
- London – 0.8% Rise
The evidence shows that house prices are falling in the North but still remain high in the South. Now is definitely the time think about purchasing a home in Manchester.
As well as offering excellent mortgage advice and services for properties in Manchester, London and Birmingham, we are also an established mortgage broker in Leeds. We can provide first time buyer advice, remortgaging advice, buy to let advice and much more. Call us on 0800 756 7794 for further information.