You are in > manchesterpropertyguide.co.uk > news

Manchester flats 'worth £50k less than four years ago'

18/02/2008

New-build flats in Manchester worth £180,000 four years ago are now selling for just under £130,000, according to a national newspaper.

A report in the Guardian said that Manchester and Salford's economic renaissance has not prevented falling rents and property values in some parts of the city-region.

An investigation by the paper found that a two-bed flat selling for £180,000 in 2005 now struggles to fetch £128,000, while a one-bed flat worth £140,000 in 2001 fetched just £87,970 this year.

"There are so many flats on the market, buyers haven't got the time to get round them all," one unnamed agent told the publication.

"One couple said to me they had so many flats to choose from they couldn't make a decision."

The problem is compounded by the fact that buyers think that they could get the same property cheaper at a later date, said the paper.

Real estate firm Knight Frank recently told the Telegraph that Manchester property developers are building apartments without checking to see if there is a need in the market.

ADNFCR-8000014-ID-18472426-ADNFCR

THINKING OF INVESTING IN PROPERTY IN MANCHESTER?

Residential Property In Manchester

Click here to register for ALL residential property for sale in Manchester.
or click here to register for ALL residential property to let or rent in Manchester.

Manchester Commercial Properties

Click here to register for ALL commercial property for sale in Manchester.
or click here to register for ALL commercial property to let, rent or lease in Manchester.