A look ahead to 2018: the North West residential property market
2017 was an eventful year for myself professionally – notably with my move over to SDL Auctions having spent the previous 12 years working for another North West auction company. Having joined one of the UK’s largest property auction networks, which is already well established across the UK and delivering seriously impressive figures (SDL Auctions sold more than £165m worth of property last year), I was keen to hit the ground running here in my patch that is the North West.
Last year saw a booming property market for Greater Manchester, with the lure of our thriving city centre in particular, hauling property investors to the region. From disillusioned southern-based landlords chasing a better return, to wealthy overseas investors snapping up developments off-plan, and of course, more locally, plenty of my old contact book have been coming back into the market again.
So what does 2018 have in store for us?
Anyone who went to the New Year’s Eve firework display outside Manchester’s town hall on Sunday would have seen our illuminated skyline braced for more change in 2018 with an array of cranes scattered across the length and breadth of the city. And this growth is good news for our suburbs too, as the influx of new jobs brings people to the wider area.
I have no doubt Manchester city centre will continue to go from strength to strength this year, however I do believe that 2018 will see a tamer property market for the North West in general. There is plenty of good news for Manchester and a real buzz about the place at the moment, but wider political uncertainty coupled with a significant squeeze on private landlords will have an impact on things. The 3% stamp duty, a change in tax rules, selective licensing and a potential Corbyn Government on the way are all being factored in by private landlords in these parts.
The good news is demand is still high and I think this will continue this year for our region, but there is no escaping the fact that the cost of acquisition is significantly higher today than it was previously, and buyers will factor this into their offers along with everything else. Investors want to buy more stock, but they won’t be held to ransom, and I believe that 2018 is the year when buyers need to be sensible and sellers realistic.
I for one am thoroughly looking forward to getting my teeth firmly stuck into 2018 and I’d like to wish everyone all the very best for the year ahead. In fact, my diary is already filling up with valuations and possible entries into our first North West auction of the year at the AJ Bell Stadium in Manchester.
If you’re interested in having a chat about a sale by auction please get in touch.
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