Headline news from Q3 2023
- Manchester sees the highest fall in available housing across the ‘Big 6’ UK cities
- Property prices increase in the North West, while the UK average is in the negative
Higher rents being seen are driven by an increasingly reduced housing supply. Rightmove recorded a decline in available rental properties across the Big 6 by 17% in the three months to June 2023 compared to the same period in 2019, and 6% lower than 2022. Manchester saw the largest fall in available housing stock of 24% compared with 2019. With the increasing mortgage rates potential owner occupiers are delaying their house purchase (either due to affordability or market uncertainty), which is putting further strain on the rental sector.
Change in available rental listings
Q2 2019 – Q2 2023
Graph data from Rightmove
While articles showcasing the average house price is falling in the UK, there is a clear divide between the South East and the North West of the country. The higher mortgage rates have impacted the areas with higher property values where larger deposits are needed and higher mortgages. This has deterred buyers from the South East of the country, who are now looking at more affordable locations in the North of England, Scotland and Wales. Scotland saw the highest annual increase to August 2023 of 1.6%, while Manchester stood at 0.5% and the South East averaging -1.2%
House Price Change – Year to August 2023
Graph data from Halifax & Land Registry
The Greater Manchester Combined Authority has announced that its long-term plan, Places for Everyone, has moved into its next phase. Insider Media.
Rightmove published its July House Price Index report, Rightmove.