Manchester Property Market Set for Slow Recovery
16 Feb 2012
The directors of a leading financial advice company have said that the Manchester property market is on the road to recovery – although the process may be a slow one.
This week, bosses at Jones Lang LaSalle (JLL) gave their predictions for the housing market up until 2017, during an industry seminar being held in the city attended by leading Manchester property companies and bankers.
The directors began their predictions with the claim that Manchester property would see a particularly slow recovery at the start of this year, due to the national housing situation, which sees mortgage lenders continuing to behave with excessive caution, and thus having a chilling effect on house prices. When prices do increase, they added, they will not be scaling the dizzying heights they were before the credit crunch and subsequent recession of 2008.
Looking to the positive, however, the directors were certain that the Manchester property sector would outperform the rest of the North West in 2012, and overall prices would be up 7 per cent by 2016.
Other factors which would assist the recovery of the Manchester property sector would be the increased confidence which would stem from the eventual stabilising of the euro, along with a fall in inflation and interest rates and rising employment levels.
Given the inevitable recovery of the market, as demand increases and begins to outstrip supply, potential investors in Manchester property can rest assured that there is plenty of potential in the city – unsurprising when one considers the wealth of fantastic buildings in the historic city.