Manchester has the fastest rising house prices in the UK

Manchester housing prices are the fastest rising prices in the UK

In the last 12 months Manchester housing prices are up at a shocking 8.8%, beating London which is at a rise of 4.9%.

Manchester housing prices are rising but according to Manchester City Council it is not due to inflation.

In a report dated in 2007 the council say: “The legacy of the past has several costs that have not yet been fully addressed, and so there are significant problems as well as positive aspects to the housing market in Manchester.”

It has been nearly ten years since the final report and prices are still going up with nothing being done about it.

Homelessness is at an all-time high in Manchester with roughly 3,292 people are sleeping rough and it comes to no surprise with the cost of houses still going up.

Richard Donnell, insight director at Hometrack, believes the increase of the past year is due to the UK leaving the EU and so he thinks that prices will be changing in the next couple of years to come.

He said: “Buyers outside the south of England appear to be shrugging off concerns over Brexit and a squeeze on real incomes to take advantage of low mortgage rates.

“This is shifting the dynamics of the housing market.”