Rightmove reveal just how much you can expect to pay as a first-time buyer in your region.
Latest studies by Rightmove show that the North West has seen the biggest annual rise in property prices for first-time buyer homes with two or fewer bedrooms.
The average asking price in the North West is up 8.6% over the past 12 months, the biggest increase in any region across Great Britain.
The second biggest increase is seen in Yorkshire and The Humber with prices up 8.4%, followed by the West Midlands at 7.0%.
The average asking price for a first-time buyer is £200,578, up 3.9% compared to 12 months ago, equating to an annual rise of £7,475.
The average asking price in the North West in January 2021 is £144.453.
The only region where the asking price exceeds £400k is in the capital where the average is £474,950. However, London is the only region where first-time buyer property prices have fallen year on year with prices down 1.4% compared to a year ago.
Tim Bannister, Rightmove’s data expert said: “Many people are deciding that 2021 is the year to get their foot on the property ladder, and this research provides an insightful snapshot into the first-time buyer sector across the British property market right now.
“What’s interesting for me is that, despite the higher asking prices in London, first-time buyers in the capital appear to have a window of opportunity to negotiate a good deal, with this being the only region to have seen average first-time buyer asking prices fall over the past 12 months.
“Conversely, sellers in the North West who are looking to trade up and move into a bigger home are in a strong position, with average asking prices for first-time buyer properties having jumped by 8.6% during the same period, which is a good indicator of a strong market.”
Richard Powell, Director at Ryder & Dutton with branches across East Lancashire, North Manchester and West Yorkshire, said: “I think first-time buyer homes have seen a boom in property prices because demand is outstripping supply.
“We’ve less properties for sale per branch than at any time since the late 1980s, which of course causes prices to rise. Having said that, people still want to buy homes and in many cases it’s no more expensive to buy in the North West than to rent, especially with low mortgage rates available.
“The North West possibly has a greater stock of properties that are more easily accessible for first-time buyers – places such as Oldham, Rochdale, Bury and Blackburn – these big, former mill towns have lots of terraced properties around the £100,000 to £200,000 mark that are available to buy.
“And coupled with more Help to Buy schemes and new-build developments, it’s probably easier to become a first-time buyer in this part of the world than many other regions, which also helps to push prices up.
“We’ve also seen a reluctance from people in their first homes to move up the ladder because they haven’t had confidence in the market to do so. Over the past four years or so with Brexit and now Covid, we’re seeing a lot of pent-up supply as well as pent-up demand.”
We chatted to a property expert last week to find out the top six places to buy in Greater Manchester this year, including Salford, Prestwich and Ancoats! See more here.
FIRST LOOK: Take a peek inside Manchester’s rescued and transformed Victorian warehouses
The buildings are now part of KAMPUS, an upcoming neighbourhood just minutes from Piccadilly Station
New images have revealed the incredible transformation inside two of Manchester’s Grade-II listed Victorian shipping warehouses that were once destined for demolition.
Despite once being two of the most recognised buildings in the city, Minshull Warehouse and Minto & Turner were almost destroyed after being abandoned and left to stand derelict for decades.
But now, after being listed for their historical significance, they’ve been given an eclectic new lease of life courtesy of property developers HBD & CAPITAL&CENTRIC, who have transformed the buildings into swanky new apartments located in the upcoming neighbourhood KAMPUS.
The loft-style apartments – which are now available to rent, by the way – have retained many of the buildings’ rustic and historic features, including original cast iron columns and indoor exposed brickwork.
The ground floors also feature commercial spaces adorned with items from the buildings’ vast history, including a cast iron hydraulic packing press, an ornate cast iron weighing machine and cast iron maker’s plate, all dating as far back as the 1860s.
Adam Brady at HBD said of the new apartments: “Out of all our plans at KAMPUS, we’re asked the most about the restoration of these Victorian warehouses. There’s something so powerful about them, their former life and the history their bricks hold.
These buildings were once derelict and at real risk of being lost forever. It was so important we took time to sensitively restore them and preserve as many original features for the next generation of Mancunians. These amazing buildings were a key part of Manchester’s industrial history and people now have the chance to call them home.”
Residents in the new flats will have access to a private gym with free weights, cardio and core equipment and a yoga studio, as well as a twenty-four hour concierge service. Amenities like dog walking, dry cleaning, a private cinema, lounge, dining room will also be on offer.
KAMPUS, which is located right next to Canal Street in Manchester’s Gay Village and just minutes from Piccadilly Station, has become well known for using a mix of old and new buildings to comprise its community.
The neighbourhood itself has an endless choice of bars, restaurants and events, such as local gems like the General Store, Cornerstone, Nell’s and Bread Flower. And not to mention the newly reborn Little David Street, which runs down the middle of the renovated buildings.
The flats are available to rent now and require no deposit – click here to book a viewing.
A rum bottle-shaped skyscraper could be joining Manchester’s skyline
Plans for the tower include a high-end revolving restaurant and a 24/7 cocktail bar
Are you ready for this? A skyscraper built in the shape of a rum bottle could be the latest addition to Manchester’s skyline.
The vision comes from ‘maverick’ rum makers Decorrum. The company, which adopts a Printworks honey bee for each bottle of their spiced rum sold, has apparently submitted a bid to build Manchester’s ‘tallest building’ which will just so happen to be in the shape of their own rum bottle.
The leaked planning documents, obtained by Business Up North, contain the first drawings and proposal issued to Manchester City Council this week. According to the documents, the building will house a high-end revolving restaurant situated in the ‘bottle neck’ and will also be home to Manchester’s first ‘sky high’ 24/7 cocktail bar.
The skyscraper would be situated besides the recognisable Beetham Tower down Deansgate, but will stand thirty stories taller and will even boast a roof-top platform for guests to enjoy panoramic views of the city… Well, according to the ambitious plans it will.
Speaking about the leaked designs, co-founder of Decorrum Rum, Lucy Wolfenden said: “We wanted to capture the spirit of Decorrum while creating a dramatic build for Manchester. We were inspired by the roaring 1920s, the bling of Gatsby and the decadence of the Art Deco era.
“We felt Manchester’s skyline was lacking a little adventure. Ultimately Manchester is a city that thinks a table is for dancing on. We feel Decorrum Tower really reflects that vibe and will offer Mancunians the opportunity to party in pure luxury.”
Decorrum is a brand new, independent, spiced rum based out of Didsbury – according to the website, the spirit is best served with coke, and is flavoured with the honey of Manchester’s very own bees.
Suspiciously, the documents for the skyscraper plans have been linked to coincide with the brands’ official launch this month…
To stay posted on further updates, make sure to follow Decorrum on Instagram.
Deansgate’s Renaissance Hotel to be transformed into huge treehouse hotel
The historic building is finally getting a new lease of life
After decades of architectural neglect, the infamous Renaissance Hotel is finally set for a much-needed transformation.
Known to Mancs today as ‘that ugly building down Deansgate,’ the Renaissance Hotel was initially built as an office block in 1972 before being transformed into the hotel it is known as today. However, instead of becoming a staple part of Manchester city centre’s history, the fifteen-storey tall building has instead been labeled as an ‘eye sore’ and has faced the threat of full demolition since 2018.
Last year, it was announced that the hotel would close for good and, ever since, it has stood derelict and seemingly forgotten with the possibility of demolition constantly looming.
But now, that’s all set to change – a £200m redevelopment of the building proposed by Property Alliance Group and Starwood Capital’s has now been approved by the council.
The building will be taken over by the SH Hotel & Resorts’ ‘Treehouse’, a London-based treehouse-themed hotel concept.
SH Hotels & Resorts’ primary aim is to recreate ‘the wondrous childhood feeling of climbing into a treehouse and making up your own rules.’ They have promised to bring this outlook to their Manchester venture, saying the hotel will be ‘fun, fresh and fabulous – inspired by life’s joys.’
The existing Treehouse Hotel, located in London’s elusive Marylebone neighbourhood, has achieved critical acclaim for it’s unique and eccentric interior design, which includes real tree trunks entwined in the bathrooms, nature-inspired bedrooms and quirky decorations such as cuckoo clocks and an abundance of shrubbery.
Starwood Capital Group Chairman and CEO Barry Sternlicht said on the Manchester project: “I’m really excited to launch our second Treehouse Hotel in the UK. Manchester is as much a destination for travellers as a gathering place for its energetic local community.
“Our Treehouse will introduce a new execution of fun and witty, and provide an imaginative hospitality experience. As a sustainable brand, we will reuse and repurpose the existing building. We are thrilled to set roots in the city of Manchester.”
Further details surrounding the venture have remained tightly under wraps, though SH Hotels & Resorts has indicated that the hotel will introduce a number of unique new dining experiences to the area, including a top-floor restaurant and bar with city views and a rooftop venue.
Treehouse Hotel Manchester has also vowed to make extensive use of ‘reclaimed and recycled materials across both the building itself and the furniture within.’
Treehouse Hotel Manchester is due to open in 2023.