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Lighter living IN FOCUS Flat Living compares prices in two of the UK’s biggest cities FLAT PRICES IN MANCHESTER


Online estate agency portal homes4you, reports that prior to 2010 there was little cause for optimism for flat prices in Manchester. Flat prices have been falling since 2007, and at a much faster rate than other types of property. The beginning of 2010 however, told a different story. Prices were up 10% on the year before due to strong demand, and offers were consistently very close to the asking price. Unfortunately these good times were short lived. The new


government brought with it uncertainty over jobs and a whirlwind of pessimism, funding cuts, and warnings of tough times ahead. The national press was particularly negative, and by August, all this began to impact on the Manchester property market. Prices suffered, dropping approximately 8-9% from August until now, hitting those hoping to sell. A stunning flat in Ancoats was


put on the market in January this year for £144,950, and the seller turned down an offer of £138,000 optimistic for more. As the market started to decline, the property price had to be reduced a couple of times, and the vendor is now offering the property for £129,950 - a reduction of more than 10%! This does of course put investors in a good position. homes4u


has experienced a surge in enquiries for blocks of flats, particularly those suitable for use as student accommodation, as well as part-developed sites and land. First-time buyers are also taking advantage of low prices by finding inventive routes into flat ownership, such as clubbing together with friends or turning to parents for financial support, to help give them that first step onto the property ladder. Let’s keep our fingers crossed that this trend continues to increase into 2011, and it is a better year for funding and sellers alike!


FLAT PRICES IN LONDON


Accordiing to Robert McLaughlin, Regional Sales Director at Kinleigh Folkard & Hayward, in London, flats were consistently popular with investors, first time and overseas buyers. They made up 60% of all property sales for Kinleigh Folkard & Hayward in 2010. The London property market continually fluctuates and subsequently the first half of 2010 produced a strong number of property sales while the second half of the year was lower. The Land Registry’s November 2010 figures alleged that London had the greatest growth in the UK with an increase in property prices of 6.8% in 2010. These figures


demonstrate the strength and resilience of the London property market compared to many other cities in the UK. Though resilient, flats for sale in London under £300,000 are facing a tougher market. This is due to tighter lending criteria and lack of deposits for many first time buyers. Though some first time buyers are yet unable to step onto the property ladder, buy to let and overseas investors are continuing to purchase and support the flat sales market. Currently Kinleigh Folkard & Hayward are experiencing the same level of buyers as in January 2010, and predict the number of properties sold in 2011 will be at a similar level to 2010.


www.flat-living.co.uk


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