Greater Manchester Hotspots Where House Prices Are Beating Inflation

While the rest of the North is struggling to keep up with rising costs, six areas in Greater Manchester are bucking the trend and seeing house prices soar. The national average house price might be up, but the South is leaving the North in the dust. In fact, only seven areas in the whole North have seen house prices rise faster than inflation since the 2007 crash – and six of them are in Greater Manchester.

Trafford: Top of the Charts

Trafford takes the crown as the region’s hottest property market. The average home there is now selling for a whopping £356,859 – that’s 15% higher than would be expected if prices had just kept pace with inflation since 2007!

Manchester: A Close Second

Close behind is Manchester itself, where the average house price has climbed to £238,044 – 12.9% ahead of inflation. Clearly, city living is still attracting buyers in this buzzing urban hub.

Other hot spots

Salford (10.5% ahead of inflation), Stockport (4.8%), Bury (1.4%), and Oldham (0.1%) are all also seeing house prices rise faster than the cost of living.

Why are Greater Manchester prices rising?

The reasons for this boom are varied, but some experts point to:

Strong local economy: Greater Manchester is a hub for businesses and employment, making it attractive for buyers seeking a good quality of life and career opportunities.
Investment in infrastructure: Projects like the Northern Powerhouse and the Bee Network are revitalizing the area and making it more appealing to both residents and businesses.
Affordable housing: Compared to other parts of the UK, Greater Manchester still offers relatively affordable housing for those looking to get on the property ladder.

What does this mean for you?

If you’re considering buying or selling a home in Greater Manchester, these figures suggest that now might be a good time to act. However, it’s important to remember that the market is always changing and to do your research before making any big decisions.

Here’s a snapshot of house price changes in the past year:

Trafford: £356,859 (down 0.7% from 2023)
Manchester: £238,044 (up 2.3% from 2023)
Salford: £227,508 (down 3.3% from 2023)
Stockport: £292,829 (up 0.1% from 2023)
Bury: £238,483 (up 2.6% from 2023)
Oldham: £194,915 (up 2.7% from 2023)

So, if you’re looking for a booming property market, look no further than Greater Manchester. It seems that this region is still hot property, even in a tough market!