House prices in Manchester are forecast to rise 6.5% this year as growth in the North West significantly outperforms the UK average.
UK-wide growth is expected to be just 1%, below that of other northern cities like Liverpool (4.5%) and Leeds (3.5%), according to projections from JLL.
Rising residential demand, particularly in city centre living, has also accelerated rental growth, although not to the same degree.
Rents are expected to increase by 3.5% in Manchester, Leeds and Liverpool, again at levels above the UK market as a whole, which is expected to grow at 2%.
Stephen Hogg, lead director on JLL’s regional residential team, said: “Manchester is now firmly established as the most important regional economic hub in the UK. Its high graduate retention rate, second only to London in the UK, is seeing the number of people who live and work here grow.”
In total, Manchester’s house price growth between now and 2022 is forecast to be 22.8%, compared to 12.6% in the UK more widely.
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