Rightmove reveals how much first-time buyers will have to pay for a home in the North West
Everything you need to know…
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.
New images reveal how Debenhams Manchester will look after huge transformation
Look at these!
Brand new images reveal how Debenhams on Market street in Manchester city centre will look after it has gone through a huge transformation.
The iconic Grade II listed building currently stands empty on the bustling shopping street and is in need of some TLC. Once a busy department store, the empty building which was home to the household brand, is now covered in graffiti after it fell into administration in 2020.
Debenhams was later bought by Manchester-headquartered fashion giant Boohoo but all its stores were closed, leaving the site, known as the Rylands building, looking sad and in desperate need of a facelift.
Last year, global real-estate investment firm AM Alpha, based in Munich, confirmed that works were to get underway to breathe new life into the structure and transform it into a mixed-use development compromising retail, leisure and office space.
However, after Debenhams vacated it fell victim to vandals as it had its windows smashed and became covered in spray paint — which saw it dubbed as the city’s scruffiest building.
Situated close to Piccadilly Gardens, the multi-storey building was originally built in 1932 as a warehouse by J. Gerrard and Sons of Swinton for the Rylands textile company. It was designed by local architects, Fairhursts, in an Art Deco style, complete with a decorative corner tower and zig zag window ledges.
Exciting new digital images have revealed how the derelict site could look after it has undergone a major glow-up with works set to commence this year. The £68.5m redevelopment project was approved by Manchester City Council in January 2021.
The plans will see the upper floors of the grand building turned into high-quality, modern office spaces while the ground floor will be home to a new shopping arcade. A four-storey extension will also be added onto the site.
Enabling works for the transformation of the vacant building have already begun, with main works scheduled to start in 2023 and completion expected in early 2025.
Construction company Russell WBHO is acting as a construction partner for the project while property companies OBI and Barker Proudlove are letting agents for the building.
Stephan Schmid, Senior Vice President at AM alpha: “Working with listed buildings is always a great privilege. We are proud to be able to give this historic Manchester landmark a new future and restore Rylands to its former glory in a very sustainable way.
“In this way, we are also helping to achieve Greater Manchester’s 2038 carbon neutrality target.”
Local construction company Russell WBHO, which specialises in listed and sustainable projects, will act as a construction partner for the project, while local property companies OBI and Barker Proudlove have been appointed as letting agents.
“It’s fantastic working with AM alpha on such an exciting project in our home town. Rylands is a well-known, impressive building,” says Will Lewis, founding director at OBI.
“The property is close to bustling areas such as Piccadilly Gardens and the Northern Quarter and will appeal to many local businesses. Due to the sought-after location, we already see a lot of interest from potential future tenants.”
Gareth Russell, founder and managing director of Russell WBHO: “We are delighted to be working with AM alpha to revitalise the historic Rylands building and position it in the market as a highly sustainable building. With our extensive experience in historic preservation and sustainable building, we will make AM Alpha’s vision a reality.”
This Manchester neighbourhood is home to some incredible pet friendly apartments
Pets stay for free
A neighbourhood in Greater Manchester is home to some incredible pet friendly apartments — offering a modern lifestyle for professionals in the city.
Nestled between two great cities — Manchester and Salford — New Maker Yards features pet friendly homes, a jam packed event schedule and a beer house on site.
The Seven Brothers pub — with locally crafted ales — also welcomes pets, as we all know fur babies are part of the family. Your potential new local features a ‘dog wall of fame’ where all the resident pooches are featured.
Situated by the River Irwell and close to the Bridgewater Canal, this waterside neighbourhood is the perfect place to call home for you and your furry family member.
Here, you can go for scenic walks and take part in activities together, including regular dog meet-up clubs, a puppy yoga event (April 23rd), and an annual ‘Ru Paw Drag Show’.
This doggy drag show runs over Pride weekend where residents dress up their dogs in cute outfits and enter a judging contest. The queens will then judge the pets on silly categories like ‘waggiest tail’ and ‘best dressed costume’.
For those who prefer not to own a pet or can’t due to allergies, New Maker Yards also has ‘pet free’ apartments — so there’s something to suit everyone.
New Maker Yards is a sociable and lively neighbourhood with lots going on. Being close to the city centre and near Salford Quays, there’s plenty of bustling bars, shops, cinemas, restaurants, coffee shops, and a whole lot more to entice you.
The free fitness classes (three times a week), and community groups like book club, dog club and seven-a-side football, will keep you busy and are ideal for meeting new people.
This urban village also has a changing weekly food truck every Thursday, with different local food traders to satisfy those mid-week cravings while you’re busy balancing work and life.
The apartments have options for either furnished or unfurnished rooms and balconies — many boasting stunning views of the city skyline.
There’s a spacious newly built co-working space which has popular coffee haunt, 92 Degrees, attached. It’s a suitable space for those working from home days, where the barista coffees will keep you going.
Each contemporary apartment is designed to a high standard with modern furniture, built in storage and double size beds — and some even have outdoor furniture to lounge outside on.
If this sounds like the right neighbourhood for you, you can enquire to speak to the Get Living team about 1 or 3 bedroom apartments for rent here.
NEW OPENING: The North’s first extended stay property is coming to Manchester
Just in case you’re wondering…the hotel is also pet friendly
The North’s first extended stay property is set to open in Manchester city centre and bookings are now open.
The luxurious Residence Inn by Marriott — part of Marriott Bonvoy ® ’s extraordinary portfolio of 30 brands — is set to open its latest UK aparthotel in May, making it the first in Northern England.
This latest addition will mark the brand’s fifth property of its kind with the other four located in London and Scotland.
From the brand renowned amongst airline crews for its ultra comfy beds, Residence Inn by Marriott Manchester Piccadilly offers a prime central location for those travelling into the city for work or play, looking for somewhere stylish to stay with comfort at the forefront.
Situated on Laystall Street, close to the city’s main transport hub and located next door to the hip and trendy areas of Ancoats and Northern Quarter, this opulent hotel has picked the perfect location for potential guests.
The 155-guestroom building will consist of sleek and spacious studios and one-bedroom suites to suit all including solo visitors, corporates, couples, families and friends — ideal for business or leisure.
And, just in case you’re wondering…the hotel is also pet friendly, meaning your furry family members can come along too.
Modern design sweeps through both the individual apartments and communal areas, with the use of warm, neutral tones that strike the perfect balance between feeling at home while away from home.
Every room comes with a fully functional kitchen, featuring microwaves, single ovens, two-ring hobs, refrigerators and dishwashers, with all the cookware you could possibly need to create a home cooked meal. All rooms come with Smart-TVs so you don’t miss your favourite shows.
The glossy new Residence Inn will also have an on-site state-of-the-art gym, self-service communal laundry services, a coffee shop with a ‘grab-and-go’ counter, plus a bespoke grocery delivery service.
And of course, those staying on the higher floors can also expect stunning skyline views across central Manchester.
Unique to the hotel, the centre will be an open-air courtyard, with a stunning outdoor seating area, providing the perfect spot to drink a coffee and read a book. It will also house two prime retail units on the ground floor available to let.
Meeting spaces can be transformed to suit diverse needs, as well as an outdoor seating area for those that like to dine, drink, or work al fresco.
Residence Inn Manchester Piccadilly General Manager, Mustapha Henini said: “We are incredibly excited for the opening of Residence Inn in Manchester Piccadilly. This city is inviting, and our new hotel offers the perfect space for those looking for a spacious stay.”
PHH UK Advisor, Morris Katri, said: “The Ancoats and Piccadilly areas have seen significant redevelopment and investment over recent years, with Residence Inn set to add to the offering available further.
“This hotel will enhance the community with its unique long stay offering and beautiful interiors, plus bring more jobs to the area, boosting the centre’s economic growth.”
Prices start from £135 per night. Bookings for this exquisite new hotel are now open, with rooms available from May 1st. Click here to book your extended stay.