– Manchester has a population of 2,550,000.
– That’s an estimated 1,062,500 households.
– According to gov.uk, there was an estimated 5.6 repossessions for every 100,000 households in each quarter. That is a lot of repossessed houses in Manchester alone!
– That equates to a total of 238 repossessions in 2017.
Repossessed Houses in Manchester
Manchester is swiftly becoming one of the most popular cities to live in the UK. There are a number of reasons behind this – a huge variety of great restaurants, museums and theater, as well as great night life. This paired with a booming music scene and an affordable living cost makes the area very attractive. The downside to this, understandably, is that property prices have dramatically increased. In fact they have increased so much they have become somewhat unaffordable to much of the population. This, in turn, is leading to a large number of repossessed houses in Manchester. The Guardian reported that there are nearly 15,000 new homes that have been given planning permission in Manchester and not one of them have met the definition of ‘affordable’. This has drawn a lot of criticism from the council, suggesting those on average salaries will no longer be able to live anywhere near the city centre. This alarming statistic is surprisingly not consistent throughout the UK, for example the widely renown ‘expensive’ area of Westminster aim to have 12% of new builds meet the definition of ‘affordable’.
Not only have the prices risen, the competition has too. For example, an article in Manchester Evening News gave a description of what it was like to buy a flat in greater Manchester. 28 year old, Brin Glesson, experienced that 9 out of his 13 viewings were snapped up by alternative investors before he could even make a bid. In summary, buying a property in the city of Manchester is becoming increasingly difficult due to a combination of rising prices and strong competition. But our online tool could genuinely give you the opportunity to be be updated with repossessed houses for sale in Manchester as soon as they come on the market. A lot of these will be comfortably below market value. And it provides this free of charge. So if you are considering investing in properties in Manchester, repossessedhousesforsale.com is a tool that could be priceless for you..