09 Nov Selling Your House Fast Manchester
Selling Your House Fast Manchester
With prices rising across most of Manchester, we have a look at how the Manchester housing market is performing and look at how things are if you are looking at selling your house fast Manchester.
The housing market in the north has taken a few hard knocks over the recent month and this is mainly down to three factors.
Brexit – People looking for a quick house sale Manchester have found that Brexit has caused them a major problem. People seem to have lost confidence in the open market post-Brexit. Why? Well, when making one of the biggest purchases in their life would like to do so in a more stable market. There are those looking to sell house fast Manchester as they are moving up on the property ladder. Our research has found that these people are holding out post-Brexit to see if they market crashes and they can get a better deal.
Buy to Let Changes – If you didn’t know the buy to let market has taken a knock. It seems the government are coming in at all angles to try and squeeze the property market even further. As of April next year you won’t be able to offset your mortgage against your tax. This means for many landlords up and down the country that their sound investments are no longer sound. This is likely to create more competition on the open market as landlords will be likely to offload their stock. Bad news for those looking to sell house fast Manchester as it could slow the market down.
Second Tier Stamp- In a final bid to put the nail in the coffin the government has introduced a second tier stamp duty for those buying second properties. This is putting the brakes on a lot purchased as it makes many sales are just too expensive, making achieving a quick house sale Manchester a struggle.
With all of these changes, you would have thought that the average house price in Manchester would have dropped. However, this isn’t the case. Prices are on the rise still with the average price for a property in Manchester to a staggering £167207. Things are likely to slow down a little further with the end of the end of the Help to Buy scheme coming to a close in December 2016. This will reduce the amount of the buyers on the open market. So with a decrease in buyers and in an increase in stock what does the future hold for those who are looking to sell house fast Manchester.
According to the BBC, the number of people buying homes in the Manchester area has dropped drastically over recent times. According to the BBC,’The proportion of homeowners dropped from 72% in April 2003 to 58% this year in Greater Manchester’. Is this a sign of things to come?
Louise Cooper aFinancial Analyst thinks the problems are down to wage ratios. “The average house price in England in 1986 was £38,000, today it is £226,000,” she said. “Over the same period, the average salary has gone up two and half times.
“The price of property compared to salaries has gone up hugely. Everyone says it is a London problem. It is not. Manchester is one of the worst.” With the average salary sitting in around £25000 the chances of saving for a deposit are very slim. Mix that with soaring rents and a low-interest rate the chances of purchasing your own property becomes near impossible. With low wages and high rent, the only choice for most people is the bank of mum and dad.
According to Frazer Fearnhead, CEO of The House Crowd the desire also just isn’t there for
“They are mostly lived in by young professionals who choose to rent,”
“We are not comparing apples with apples [previous decades]. There is a lot less pressure to get married and have children and therefore there is less desire to buy family homes.”
For many in Manchester, they feel that there aren’t housing being built. According to the Greater Manchester Combined Authority, the county is looking to build over 200,000 new houses by 2035. This will work out at around 6000 new builds per year.
A recent report from the Greater Manchester Combined Authority said up to 217,000 houses would be needed by 2035 to meet demand. The current rate for completion is 6,000 a year. Will this help to drive prices down? We will have to wait and see.
Greater Manchester’s mayor Tony Lloyd has said this week: “To reverse this trend we know that we have to build more homes and ensure a better mix of housing that enables all of our residents to find a home they can afford in an area where they want to live.”
He called for the government to fund affordable social renting, not just owner-occupier schemes.
‘Land needed to be made affordable, he said, because not all brownfield sites are feasible without investment – and funding and support are needed to develop on them.’
Mr Lloyd also said: “In Greater Manchester, we are taking action with the powers we have but more must be done by central government to enable us to build the homes Greater Manchester needs now and into the future.”
So if you are looking for a quick house sale Manchester then what are your option, if any? Well, we here at Home House Buyers can offer you a guaranteed sale on your property within a matter of weeks. We can complete the sale of your property, and alongside that we can pay all of your fees. What fees are involved? Well,if you were to sell your house through the open market then you would have to thousands in fees to the solicitors, estate agents, energy performance certificates and also the cost of a survey. To show our commitment to a sell house fast Manchester service we can offer all of the cost-free of charge. Our quick house sale manchester service isn’t refined to just residential property as we buy shops, flats, offices and even land so just give a member of our team a call for a free cash offer on 08006121366.