3 reasons to get excited about property in 2017
Looking back on 2016, it’s hard to believe that 12 months has gone by so fast. This time last year we were enjoying our expansion into Ascend’s Deansgate premises and we had just come to the end of a mammoth first full year of trading. Now, here we are 12 months later with over 30 employees, several awards under our belt and a client base full of happy vendors, buyers, landlords and tenants.
But enough about us; 2016 was a big year for property. There was a huge focus on the housing market, particularly in the north where the Northern Powerhouse initiative got a whole new lease of life, complete with a brand new government to back its corner. Now, a new year is upon us and we reckon 2017 is going to be another corker of a year for our industry. Want to know our thoughts?
1) Number of First Time Buyers is up
First time buyers have had it hard over the past few years, and plans to help aspiring owners get onto the property ladder have been well documented. A number of new initiatives were launched (such as the Help to Buy ISA) and it’s great to see these plans actually working, as the number of first time buyers are at the highest they’ve been in 9 whole years! This is obviously fantastic news for those who are saving up for their first home, and with the help of government initiatives and housebuilders/developers pledging to build more homes in 2017, it gives us all the more reason to be hopeful for the future! If you’re considering your first property purchase, 2017 could be your year.
2) More new housing on the way
Supply and demand has been a cause for concern within the property market in recent years. Properties have been getting snapped up and taken off-the market quicker than you can say “sold”. It may seem like good news, however as a result, construction has struggled to keep up with the demand and properties just weren’t being built fast enough. However, this doesn’t appear to have gone unnoticed and more new homes are on the way – and fast. Every day there are new reports of developers and construction companies obtaining the green light for new projects all across the UK. Only a few months ago, we reported how many new apartments were on the cards in the city zone, but if we look at Manchester as a whole, we’re talking over 40,000 new properties – this is assuming that they all go through planning and construction. If you take a look at our ‘in the city’ report here, you’ll see just how much is in the pipeline.
3) The rise of the North
It’s fair to say that there has been a strong spotlight on the North over the past year or so. The Northern Powerhouse scheme has really got people talking and there is an exciting buzz across all cities which will benefit from it. The government backing has spurred activity all across the North so Greater Manchester and the surrounding areas are also really exciting places to be right now. In fact, Theresa May’s announcement of a £556 million boost for the Northern Powerhouse will certainly make more people sit up and take note of our city - Manchester is set to receive £130.1 million alone! The next largest recipient is Liverpool which stands to receive a huge £72 million.
There are more PRS schemes on the way and the first residential skyscraper to be built outside of London in the last decade is being built in Manchester. The HS2 will also allow all these northern cities to link together, making commuting a breeze. It all adds up and it certainly seems that if you’re looking for a new home this year, the North is the place to be.
If you’re looking for a new home in 2017, whether it’s to let or buy, why not give us a call? We have properties to suits all budgets and our knowledgeable team are more than happy to answer any questions you may have. Contact us today on 0161 637 8336.