Manchester Property Market and Real Estate Guide
(Manchester, England, UK)
The conurbation of Manchester lies in north-west England, at the foot of the Pennine Moors. The original small town shot to prominence during the Industrial Revolution, becoming the wealthy trading hub for the Lancashire cotton mills and the world's first fully industrialised city. Massive urban development took place, resulting in huge Victorian municipal piles, tiny back-to-back workers' houses and the 'dark satanic mills' of the famous hymn.
The city's transport links, now excellent, were historically established to deal with trade, and included the railway and the Manchester Ship Canal linking Salford with the huge port at Liverpool
. Nowadays, the Salford docks are the site of an upscale canalside development and one of Manchester's most sought-after residential areas. Redevelopment and refurbishing of housing stocks has continued across the city since late last century.
Manchester's economy is now service-based and attracts many companies decentralising from London
, resulting in a demand for housing. Traditionally, the farther from the city centre, the larger and more expensive the properties, and to some extent this still holds true, although East Central and North Central prices have escalated due to the many upscale new developments.
Increasingly, the city centre is becoming known as a place for leisure activities and entertainment, rather than as a residential area, resulting in a shift in property demand to the outlying districts.
Renting Serviced Apartments
Due to the popularity of Manchester as a conference, university and business-focused city, furnished apartments are easy to find in blocks, aparthotels and also in prettily renovated workers' cottages close to the city centre. All options offer a cost-effective alternative to hotels, especially for longer-term stays, and the usual facilities such as Internet access, laundry, etc. come as standard.
Buying Apartments and Houses
The city's housing stock is vast and comprehensive, with everything from studio flats, terraced cottages, upscale dockside apartments, new-builds, and Edwardian and Victorian homes, to country mansions outside the city. After a fall during the recession, prices are just beginning to edge upwards, but inexpensive homes can be found, especially in the less fashionable districts. Returns on rental properties are reasonable at present and should increase.
Non- citizen purchase of property in the UK is unregulated, although permanent residence for non-EU citizens may pose problems. The purchasing process is straightforward, although a solicitor is essential. An offer is made to the seller and, on acceptance, a ten percent deposit is lodged in a holding account. Title and land searches are carried out by the buyer's solicitor. When all is in order, a purchase contract is signed by both parties and the balance paid. Expect charges to be at least five percent of the final price. Stamp duty of between one and five percent of the purchase price is paid by the buyer.
Real Estate Agents
Many estate agencies operate within the Greater Manchester area, mostly specialising in their own localities.
Check out the following real estate agents:
Address: 9 John Dalton Street, Manchester, M2 6FW, England
Tel: +44 (0)161 245 1111
This agency deals with fashionable docklands properties in Salford, as well as properties outside town.
Address: 46 Edge Street, Northern Quarter, Manchester, M4 IHN, England
Tel: +44 (0)161 832 3641
Email: via website
This agency is part of a nationwide chain and deals with all locations and price levels in the city.
Address: 217 Deansgate, Manchester, M3 3NW, England
Tel: +44 (0)161 833 9499
Jordan Fishwick specialise in properties in upscale South Manchester and nearby Cheshire.