Sales of flats are plummeting in Manchester – Don’t Panic?
I’m sure many of us will have repeatedly seen positive news from Manchester regarding the property scene with many headlines based around prices increasing as well as demand. Of course, many other areas across the UK are quite opposite with London leading the way in price falls and the general agreement within the industry is that this trend is likely to continue as the Brexit jigsaw puzzle is trying to be pieced together.
Very recent reports though via the Manchester Evening News website runs with the headline of ‘Is the bubble about to burst?‘.
The story leads with the decline of property sales in the city of which flats sees the steepest downward trend. Of course, Brexit is on the menu for the reasoning behind the sales slump, but surely it is just part of what has happened countless times before in that the ripple effect from declines in the southern parts of England has travelled up north? Affordability must also play its part in the decline of sales?
A 22% drop in sales of flats and maisonettes during the 12 months to August of 2018 (national average was -8% across the UK) was reported compared to the previous 12 months – 2,606 sales compared to 3,359. The effect though has not seen a decline in prices and they continue to rise for the current time in Manchester.