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Manchester? Oversupply?

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Can I ask what everyones thoughts are on the Manchester market at the moment.

Are all these millions of city centre flats still selling? I've got a mate coming to Manchester soon and he is looking to buy a 2 bed flat but I believe he should wait a while as there seems to be a massive oversupply.

Can you get a good discount off the asking prices at the moment as little seems to be selling in my eyes?

I bought in a good development in Victora Park in 2004 and the prices of these seem to be about 10% down on their peak.

Cheers.

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Can I ask what everyones thoughts are on the Manchester market at the moment.

Are all these millions of city centre flats still selling? I've got a mate coming to Manchester soon and he is looking to buy a 2 bed flat but I believe he should wait a while as there seems to be a massive oversupply.

Can you get a good discount off the asking prices at the moment as little seems to be selling in my eyes?

I bought in a good development in Victora Park in 2004 and the prices of these seem to be about 10% down on their peak.

Cheers.

Spent most of Xmas/New Year up in Manchester. Seems awash with For Sale signs. I suggest only a complete idiot would buy there at the moment - especially a flat. Most of what I've tracked on Rightmove has been on their for months.

Rent for a year or two at least.

Nomadd

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Spent most of Xmas/New Year up in Manchester. Seems awash with For Sale signs. I suggest only a complete idiot would buy there at the moment - especially a flat. Most of what I've tracked on Rightmove has been on their for months.

Rent for a year or two at least.

Nomadd

Quite right. I've just moved back to Manchester for work after 15 years away. The city centre is awash with 2 bedders 150k plus. None selling.

And still they build.......there are flats going up everywhere. Look in Hulme - its full of empty new build flats and houses. All sold to BTL landlords.

Evert rental flat I looked at, the Landlord/EA was willing to negotiate. I've secured a 2 bed in the city centre with 2 parking spaces for 550p/m. Madness. I'm sitting tight. Keep on renting. These flats were punted to BTL mugs for 150k.

If terraced houses in Moss Side and Gorton are being priced at 90k plus by EAs, then you know they're getting desparate. Hang on in there...........

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Look in Hulme - its full of empty new build flats and houses. All sold to BTL landlords.

If terraced houses in Moss Side and Gorton are being priced at 90k plus by EAs, then you know they're getting desparate. Hang on in there...........

Hulme, Moss Side - I remember those ghetto's from my youth. And they'd still be overpriced at £20k. Sure they've flattened and rebuilt the places, but it's still the same drug-laden, gun-slinging folk who live there (and I don't mean Uni. students!) :D

Nomadd

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Can I ask what everyones thoughts are on the Manchester market at the moment.

Are all these millions of city centre flats still selling? I've got a mate coming to Manchester soon and he is looking to buy a 2 bed flat but I believe he should wait a while as there seems to be a massive oversupply.

Can you get a good discount off the asking prices at the moment as little seems to be selling in my eyes?

I bought in a good development in Victora Park in 2004 and the prices of these seem to be about 10% down on their peak.

Cheers.

If I were you I would sell him your place :D

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Manchester city centre is due a drop, I believe its already started...surplus's building up...lots of incentives, btl yields dropping due to more competition. I heard somewhere that 70% of manc city centre is btl. Does anyone know here the regional stats can be obtained? (Council mortgage lenders not localised enough)

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Manchester city centre is due a drop, I believe its already started...surplus's building up...lots of incentives, btl yields dropping due to more competition. I heard somewhere that 70% of manc city centre is btl. Does anyone know here the regional stats can be obtained? (Council mortgage lenders not localised enough)

That would not surprise me at all. Most of the people who want to live in the city centre (students, folk under 25) can not afford to buy, so the only people buying it are landlords. More affluent over 30s and young families with a few bob would rather live in the suburbs. Most folk who actually work in the City centre cannot afford to buy these places.

The people who these developments are aimed at do not exist in the numbers that the developers think - so they punt them to BTL landlords who think the same 'young professionals' will be queuing up to rent from them. They then discover that they don't want to rent a new build in Hulme for 800 p/m so they are stuck with long voids (nearly every flat I viewed was empty) or they have to rent to students.

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Did anyone catch the names of the areas covered in Location x 3 tonight? The prices seemed half reasonable (in comparison with South East prices). What are the areas like?

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Did anyone catch the names of the areas covered in Location x 3 tonight? The prices seemed half reasonable (in comparison with South East prices). What are the areas like?

They were in my neck of the woods. Haslingden (nice but a way out of town and well over the odds now).

Tottington, Bury - Bury is VERY overpriced and ripe for a fall.

Whitefield - that house was a bloody steal in that bit of Whitefield - try Alex Dines & Co EA - steer clear of Burns, McBriar and Hall as they will rob you blind.

You might also want to try Radcliffe and Prestwich (both currently overpriced IMO). I'd negotiate if I were you - there are a lot of houses sticking and 'reductions' to be seen.

Try Ramsbottom as well - its lovely but a bit pricier than it used to be.

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They were in my neck of the woods. Haslingden (nice but a way out of town and well over the odds now).

Tottington, Bury - Bury is VERY overpriced and ripe for a fall.

Whitefield - that house was a bloody steal in that bit of Whitefield - try Alex Dines & Co EA - steer clear of Burns, McBriar and Hall as they will rob you blind.

You might also want to try Radcliffe and Prestwich (both currently overpriced IMO). I'd negotiate if I were you - there are a lot of houses sticking and 'reductions' to be seen.

Try Ramsbottom as well - its lovely but a bit pricier than it used to be.

I missed the first 10 mins of the show and wasn't watching very carefully, but the houses they were viewing didn't seem very 'lived in'. Looked ripe for some cheeky offers. never even heard of Ramsbottom before - whereabouts is it?

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Check on wrongmove's website put it:

Manchester

Flats/Appartments

Loads for sale, and craaazy prices. Average price for a 2 bed apartment seems to be £250,000. There are lots that cost £350,000 :rolleyes: This happened to lots of NA cities in the 80's where they built tons of apartments/condos, and their value was wiped out overnight.

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Check on wrongmove's website put it:

Manchester

Flats/Appartments

Loads for sale, and craaazy prices. Average price for a 2 bed apartment seems to be £250,000. There are lots that cost £350,000 :rolleyes: This happened to lots of NA cities in the 80's where they built tons of apartments/condos, and their value was wiped out overnight.

Quite and they are still slinging them up every where you look. Its madness, I tell you, madness.

Was vastly amused by the sight of the 3 deserted council blocks in Collyhurst that Urban Splash are now turning into luxury apartments. FFS, come on!!!!!!! Talk about putting lipstick on a pig.

Well those flats might be on for 350k, but I can assure you they ain't being sold. Huge swathes of flats for let, or standing empty. Particularly the ones in Hulme.

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http://theapplebuilding.com/

Is the one in miles platting for teachers.

yep - that's the one

Nice to see that not only are young FTB's expected to pay through the nose for their own homes but they are also subsidising housing for the teaching profession!!

Edited by 2005

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Check on wrongmove's website put it:

Manchester

Flats/Appartments

Loads for sale, and craaazy prices. Average price for a 2 bed apartment seems to be £250,000. There are lots that cost £350,000 :rolleyes: This happened to lots of NA cities in the 80's where they built tons of apartments/condos, and their value was wiped out overnight.

A quick look on rightmove shows that for £250k you can get a nice 4 or 5 bed detached house.

There also seem to be quite a large number of flats for sale which specify they are off-plan resales (i.e. flippers). Anyone who would pay over £400k for an unbuilt 2 bed flat in Manchester is certifiable in my opinion.

I really can't understand who would prefer a flat over a big house. It is similar in my area, poorly situated flats are for sale for similar money to grand victorian houses in prime locations. I can see these flats losing 50% of their value easily.

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Quite and they are still slinging them up every where you look. Its madness, I tell you, madness.

Was vastly amused by the sight of the 3 deserted council blocks in Collyhurst that Urban Splash are now turning into luxury apartments. FFS, come on!!!!!!! Talk about putting lipstick on a pig.

Well those flats might be on for 350k, but I can assure you they ain't being sold. Huge swathes of flats for let, or standing empty. Particularly the ones in Hulme.

I am ex Manchester (well, North Cheshire). I could buy today a 2 bed riverside apartment in London (SW11/SW18) for £250,000. They are on at £275-£300k. I know two sellers that will bite the arm off someone at the stamp duty threshold (they bought around 1996/7 for £120k). Nice, high quality places (built 8/9 years ago). This is an area where there are v high earners compared to nationally, and v desirable. I used to stay overnight in crappy student houses in Hulme 5 after the bop at Manchester Uni in my hols (not a MU student) and it is a hole whetever you live in. How can flats in Manchester centre be at £300k+ given that you can buy better for less (and more yield!!) in London? Madness.

Wipeout.

Edited by Tempest

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I am ex Manchester (well, North Cheshire). I could buy today a 2 bed riverside apartment in London (SW11/SW18) for £250,000. They are on at £275-£300k. I know two sellers that will bite the arm off someone at the stamp duty threshold (they bought around 1996/7 for £120k). Nice, high quality places (built 8/9 years ago). This is an area where there are v high earners compared to nationally, and v desirable. I used to stay overnight in crappy student houses in Hulme 5 after the bop at Manchester Uni in my hols (not a MU student) and it is a hole whetever you live in. How can flats in Manchester centre be at £300k+ given that you can buy better for less (and more yield!!) in London? Madness.

Wipeout.

Exactly. I'm Manchester born and raised, but have lived in London for the last 20-odd years. I just can't believe Manchester prices when I go back there. A flick through the local newspapers show no jobs paying the sort of money you'd need to buy these places - a true bubble if ever I saw one.

Nomadd

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I have watched as prices in Manchester and the surrounding area have risen to match those of London.

I had a look at London prices on rightmove a few months ago and was shocked to see that Manchester prices are now very similar. There was a time when we could never had afforded to move to London for work but looking a prices now the cost of housing wouldn't be an issue anymore (not that I would want to move to London)

Surely this can't be sustained?

We just don't have the high paid job sector to support this.

The city centre is overcrowded with newbuilds at silly prices and very few locals could afford these - most are BTL.

There was something on the news a couple of nights ago. I only caught part of the story because I was in the pub and the match had just finished. I don;t know if it was local news or national. But this guy was talking about housing and the reporter was saying there were concerns that not enough family housing was being built in cities and he was asking the question - are we just repeating the mistakes of the 1960's high rise blocks that became slums........I fear we are.

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Whats the one, where the sell the apartments based on the fact they have internet access? PMSL :lol: well so what if they do? It seems part of the promotion that; you get a nice pad with internet hooked up. Bleh. Internet is like bread everyone gets it. Aside from that comedy; the use prestige pricing techniques, to encourage BTL and numpties to have a city pad. Manchester aint cosmo enough to have "city" pads. I like it and that, but it aint no Montreal, Paris, NY etc. etc.

Edited by George

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Whats the one, where the sell the apartments based on the fact they have internet access? PMSL :lol: well so what if they do? It seems part of the promotion that; you get a nice pad with internet hooked up. Bleh. Internet is like bread everyone gets it. Aside from that comedy; the use prestige pricing techniques, to encourage BTL and numpties to have a city pad. Manchester aint cosmo enough to have "city" pads. I like it and that, but it aint no Montreal, Paris, NY etc. etc.

But its got the Hac though hasn't it? Oh no, they've knocked it down to build apartments with a prime view of Deansgate station...

I'd say those who will do best out of it in a few years are students and young people - they will get reasonable rental accomodation (compared to say 20 years ago!) for a pittance.

Edited by Tempest

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The problem with manchester resi market, is that its in its infancy. i belive the population has risen 1900% since the census in 1991. developers saw unquencehed demand in early 2000-2001 and plotted more developments. it should eventually mature, but is due a 'cheeky' correction. btl demand should drop off now that rents are static, as is cap appreciation. not as much money to be made unless youre a flipper.

but then again, who the f*** knows? this country is insane.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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