Why Now Is The Perfect Time For First-Time Buyers In Manchester

Now that lockdown restrictions are slowly loosening nationwide, the property market is coming to life once again. As Estate Agents start to carry out viewings and those in the market for a new property begin their search, now is an interesting and exciting time for first-time buyers across the country, and nowhere more so than Manchester. Google search statistics show that interest in first-time property purchases in Manchester is back up following a drop during lockdown, whilst the current situation is providing unique opportunities and incentives for first-time buyers. (Full quality graphic attached to this email0

Working from home

The past few months of lockdown have shown many people the importance of having a good home environment to work in. As the COVID-19 pandemic continues with restrictions in place for the foreseeable future, many workplaces are implementing more flexible practices in regards to working from home in order to safeguard their staff. Many are predicting a cultural shift towards working from home after the current pandemic has proven the large-scale viability of this option; amongst other major employers, Barclays Bank is looking into a more de-centralised approach to staff working in the future after the pandemic proved that 70,000 of its 80,000 employees could work from home.

In addition, the UK Employment Right Act was amended in 2014 to allow any employee who has been with their employer for 26 weeks or more to request working from home. Employers can only refuse based on predefined grounds which prove that working from home will compromise the business or your performance. With present safety concerns, many may wish to request working from home more in the future from their employer.

As we seem to shift towards more flexible working practices, having a good home environment to work in is becoming essential. Owning your own home is an excellent investment as the context we work in is changing and we head into a time where we might be asked to work from home at any given moment. Homeowners will be able to make the necessary adjustments to their houses to create a study area suitable for the long term, giving them the upper hand when it comes to flexible working.

Manchester growth

Manchester currently offers the ideal opportunity for first-time buyers. According to Go Compare, the average house price in Manchester is £173,381, significantly below the average £226,798 property price in the UK. The average age of first-time buyers in the UK is rising, with average buyers aged 33 before they purchase their first home. However, Manchester is significantly below this average, as nethouseprices.com reports that the average age of a first-time buyer in Manchester is only 26, making it a much more viable location for those purchasing their first home.

Buying property in Manchester at the moment also represents a fantastic investment opportunity; unlike London, where property prices have stagnated, Manchester property prices are currently growing by around 7.4% annually with no signs of this growth stopping. This makes Manchester the fastest growing city in the UK; the property market in North West England is one of the most exciting in the UK, largely thanks to Manchester’s strong growth in recent years. According to Zoopla, Manchester’s average house price increased by 57.8% between 2009 and 2019, substantially higher than the 40.4% national average during the same time frame. First-time buyers in Manchester will find their house become more and more valuable over time, meaning they will get a significant return on their investment when selling their property.

Stamp duty

With Chancellor Rishi Sunak’s announcement that all purchases of main properties below £500,000 before the 31^st of March 2021 will be void of stamp duty, there’s never been a better time for first-time buyers in Manchester. The SalesTeam at DeTrafford, a Manchester housing developer, commented: “The new stamp duty holiday presents a fantastic opportunity for first-time buyers to purchase a new home within Manchester. They will be saving thousands of pounds which can be spent on decorating their new home.” Developments such as DeTrafford’s new St George’s Gardens will offer the ideal chance for first-time buyers to purchase property at a slightly more affordable price under the stamp duty holiday; those in the market for a new home now have the opportunity to save up to £15,000 on their purchase. The initial cost for first-time homeowners will often largely be furnishing and outfitting their home with essentials; the removal of stamp duty is most important for first-time buyers because it allows them to overcome this initial cost hurdle.

The return to business in the property market marks a unique opportunity for those considering buying their first home in Manchester; the stamp study holiday, the city’s current growth and the changing climate of work all make this an unprecedented and exciting time for first-time buyers in the area.