Manchester Property Market Information

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Property Know | UK Property Market Information - Renting & Buying Real Estate

Yet another, exciting commercial development has risen within Manchester.
The former redundant BT building on London Road has finally been rescued by the Scottish Leisure group Macdonald Hotels hoping to successfully transform the run down building into a luxuries 4* hotel. Construction is currently underway, which for many visitors of Manchester may witness as they travel into central Manchester.

The project is expected to cost roughly £33 million, with as much as 2,000,000 sq meters of floor space the plan is to create 215 bedrooms on 11 floors, located in the heart of Piccadilly, which has excellent transport links to other cities across the country. The hotel will have an impressive glass- clad exterior, within the building there will be an extensive range of facilities comprising of large conference space combined with the latest technology, the ability to hold up to 280 individuals. Furthermore, it will contain a stunning 150 seated restaurant, positioned on the first floor of the hotel. The hotel is scheduled to be completed and open for business in October 2007, generating an estimated 130 jobs.

Hotel developments have been big business for Manchester, with many investors continuingly snatching up run down buildings and selecting ideal locations, transforming the buildings into beautiful, modern hotels. This attracts tremendous publicity and visitors to the North West capital. The boom in this industry has been due to a number reasons, but mainly the focus has been on the leading football clubs in the region especially Manchester United Football Club, based in Old Trafford and vast number of shopping amenities available to visitors such as The Arndale and Trafford Centre. In addition there has also been an increase in the popularity of Manchester as a business, sporting and entertainment venue.

The opening of this fantastic new hotel will create greater competition on an existing saturated hotel market. Competition will be rife in particular the Piccadilly area in which many of its prestigious hotels Malmaison and Radisson Edwardian are already situated. Also a popular destination for visitors is Deansgate which holds the 5* Hilton situated in Beetham Tower, which is nearby to Piccadilly. Consumer’s choice has forever more increased with now such a varied selection of hotels available to us in Manchester, this market looks set to continue to grow from strength to strength, visiting Manchester couldn’t be anymore relaxing and enjoyable.

There are also plans to build another leading 4*Hotel in the huge Inacity Tower, situated in the Piccadilly area, which will be Europe’s highest residential building. It will incorporate a massive 220 bedrooms for the hotel and a staggering 430 ultra modern apartments, if all goes to plan it is expected to be completed in 2009.

Although at Rent Home Manchester we believe these hotels are brilliant for Manchester’s economy, as this indicates Manchester has a high volume of visitors, and these hotels can accommodate most of them during their stay in the city. In addition high profits can be obtained for businesses and therefore money can be reinvested into the city. However there seems to be a lack of real affordable family homes being built, in which we feel are vital in order to ration out the demand of housing and prevent further prices rises for homes in Manchester.

Source:
http://business.scotsman.com/media.cfm?id=1702012006

Looking for a change? How about living in an environmentally friendly village?

Yes that’s right, Manchester City Council are in talks with big developers, regarding an ambitious scheme to build a ‘eco- village’ just outside Manchester city centre, in the heart of Oldham town centre.

There are discussions to build a 10 storey apartment, with more than 121 apartments, and additional penthouses, on a large plot of land, which is currently a used car park. Furthermore, planners are hoping to build many 3-4 bedroom houses near a site at St Mary’s. These challenging plans are the intentions of major players of the construction business ‘Gleeson Homes’. The scheme is part of the council’s housing renewal program. Renewable energy sources will be produced on site through solar panels and wind turbines. They expect the mixture of different types of housing will attract the young professionals and families seeking contemporary modern flats in the city. This is brilliant news; as many of us can save much more on the dreaded utility bills.

With the current environmental concerns in the UK, and the increase in car ownership, the general public may view this as a possible solution to the problems. As green house gasses can be reduced up to an incredible 70%. However, it may not be attractive nor completely eradicate the pollution and global warming in the long term, but in the short term, these developments may encourage other councils to think carefully about doing their bit to protect the environment.

Initial ideas are to build one bed city apartments at 517sq ft up to 3 bed flats at 1,087sq ft and 4 bed houses at 1,389 sq ft. Although prices are not set in stone yet, construction will begin hopefully early next year.

Source:http://www.manchesteronline.co.uk/homesearch/latest/s/228/228277_ecovillage_with_real_staying_power.html

After huge speculation over the forth coming interest rates, people’s predictions have been confirmed. We at Rent Home Manchester, probably like most of you out there, believed this was going to be the inevitable outcome. On the 9th of November 2006, interest rates rose from 4.75% to 5%, its highest level since September 2001.

Mervyn King (head of Monetary Policy Committee); decided upon this rise due to number of reasons, firstly there has been a sharp increase in prices in all aspect of the economy. In particularly the housing market has seen considerable prices rises, as house price growth has exceeded expectations due to a shortage of supply. Following this we have seen positive economic growth, an increase in consumer confidence and in particular a substantial rise in energy prices.

The rise in interest rates is necessary in order to curb inflationary pressures, especially house prices which are continuing to rise about 8% every year, and at the same time needed to promote economic prosperity. However this news won’t come lightly to home owners, as this will no doubt increase their mortgage payments. For example a person with an £150.000 mortgage will expect roughly a £20 increase a month on their existing mortgage. Consequently this will place added debt problems with many more increasingly finding it difficult to make repayments readily, on an already over stretched debt nation.

Although we at Rent a Home Manchester, believe the rise in interest rates won’t have a significant effect on peoples spending habits, nor will it cool down the property market. As we have seen in the past years it hasn’t been borrowing costs affecting the housing market, instead it has been the supply and demand of houses. We are still witnessing a shortage of supply and considerable high demand; therefore prices can only continue to rise rapidly. We expect property prices to rise in the near future, due to the consequence of population growth, especially the expansion of the European Union, and a trend of number of people living alone, but remember this is only Rent a Home Manchester own opinion.

Are Home Information Packs (HIPS) Necessary?

Once again, there have been relentless campaigns over the HIP (Home Information packs). HIP’S is designed to highlight possible discrepancies of a property. From a sellers point of view Hip’s can be seen as a costly and time consuming process, on the other hand in a buyers point of view, Hips is deemed necessary in order to for see the potential problems your chosen property may have. It has been revealed there will be a preliminarily trial of the Hip’s report, which will be undertaken in 6 major cities across the UK, and these are Southampton, Cambridge, Bath, Huddersfield, Newcastle and Northampton.

The hips report is designed to shift the emphasis of buyer to the seller in order to collect relevant information about the property. The initial aim was to cut down on unnecessary waste, save time and make the market more efficient- all this seems reasonable. However there have been numerous complaints from mortgage lenders and other professional bodies insisting that the reports would dissuade people from putting their houses on the market.

We at Rent A Home Manchester, just like yourselves like to save money, but with the HIP’s report expected to cost roughly £650, this is a hefty price to pay but to make money matters worse, the report has to be reassessed every 3-6 months. In case there are further problems which can be identified during the selling process, adding more costs to the current situation. This would save buyers millions, which they currently waste when sales fall through before contracts are even signed.

Rightly so, there are already many costs to selling a house, finding a good estate agent and solicitors is difficult as it is and not to mention costly, adding additional costs such as the HIP’s report will create higher demand and no supply of housing at all. This will no doubt cause higher property prices; in the short run interest rates will continue to rise rapidly in order to curb the increase in prices. The government has really over looked the issue. In most circumstances buyers would also insist on an independent survey themselves, therefore the report would be seen as pointless by sellers.

Even though, there are continuous problems with Hip’s one of many is the fact that there is currently a lack of experts or even signed on to relevant courses to conduct the Hip’s report. With all this in mind, the government expects the HIP’s report will become compulsory on the 1st June 2007. Sellers must be aware of these pricey demands before putting your house on the market!!!

The packs will include:
• Terms of sale
• Evidence of title
• Copies of planning, listed building or building regulations consents
• A local search
• Guarantees for any work on the property
• An energy performance certificate

source: http://news.bbc.co.uk/1/hi/england/4784923.stm

That’s right; it’s been a long eight years of planning and four years of redevelopment but Shopaholics across Manchester will be delighted to hear the fantastic news. Manchester Arndale has officially completed its third and final stages of its redevelopment programme, the Winter Garden in the North side.

With an incredible £170 million of investment, including a £20 million transformation of the food chain food hall, the entire centre’s exterior is utterly unrecognisable. From the yellow tied and brown mosaic faced monolith that used to dominate the Manchester’s City Centre into the new glamorous glazed entrances letting the light flood in from every angle. In addition its spacious interior and décor (stylish granite flooring) has turned the old Arndale centre into a sophisticated yet relaxed atmosphere redefining the centre into a whole new shopping complex. It really has to be seen to be believed!

The final phase of the centre redevelopment program, the incredible Winter Garden, has many high street brands such as large clothes retailers NEXT, NEW LOOK, TOPSHOP and RIVER ISLAND, elegant bars and restaurants surrounding a 100ft high glass atrium. This design feature cleverly brings the whole centre together perfectly, creating the complete shopping experience. Within a few months a further 10 stores will be successfully trading, alongside this will be the new refurbished Arndale Market. It is now officially the largest in town shopping centre in the UK - which is larger than the Bullring in Birmingham, now that’s something all of Manchester should be proud off.

With about 350,000 people walking through the city centre everyday, Manchester has definitely put its place firmly on the map. The city has proved itself to be the shopping capital of the North. With a number of residential development programs happening across the city, there are plenty of residents eagerly waiting to explore the New Arndale centre. The amazing shopping complex is expected to attract approximately 35-40 million visitors every year, employing over 5,000 people to facilitate the high demand. With Christmas drawing closer they are expecting to increase their employees to 8,000 in order to make this Christmas slightly easier for every shopper.

What’s more, the centre has excellent transport links, especially with its multi million pound car parks with direct lift access into the centre, its metro links and efficient bus services taking you directly outside the centre. Shopping couldn’t be anymore easier, all we need to do is turn up, browse through the stores, and spend our hard earned cash the way we deserve! So keep on developing Manchester & Happy shopping!

Picture From: http://www.answers.com/topic/manchester-arndale

A staggering 2m sq ft of new office space is expected to be built in the city centre; it looks like the city will be packed out with bright new office blocks. The rise in office blocks is due to developers realizing the massive earning potential Manchester can generate, with reasonably priced office space, growing income from rent and rising capital values. Investors are acting fast to get hold of the commercial blocks, as they are selling out like hot cakes.

Office flats in central Manchester are rising rapidly; specialist’s claims that rent on new buildings will top £30 a sq ft by the end of next year. This is due to one main factor according to peter Skelton of Lambert Smith Hampton’s “Prime rents are being driven by the increase of pre-lets for large units of quality office space”. At present office space stands at £28.50 per sq ft, however there are predictions that this will rise to £30 per sq ft by the end of 2007, it looks set to be broken soon. Also with the potential arrival of the BBC moving to Salford Quays, this can only help reinforce Manchester position in a regional and national context as an innovative city, in which case boosting property prices and the economy.

Some amazing design schemes in the city centre has raised the standards for new office buildings, for instance blocks like Bruntwood Estates 1 Portland Street, as much as £20-£25 rent is being achieved. This therefore implies that investors are prepared to pay good sum of money for good quality space. Schemes that don’t offer the best facilities will no doubt struggle with up coming designs, designs need to be addressed in the right locations and have access to good public transport.

The world’s largest search engine GOOGLE, also set eyes on Manchester and opened it first UK regional office here. Google chose Manchester as they believed it had the right mix of companies, talent and the prospect for the future looked promising. With these characteristics people are fighting to develop their own companies here. All in all the future looks bright, indicating the only way is up for city centre office rent.

Did you know that Manchester is currently the fastest growing city centre in the North West, employing over 1.2 million people and an estimated 400,000 residents. For visitors coming into Manchester you may have noticed parts of the city centre is under construction, the rise of new office blocks and commercial property everywhere.

This is due to a massive regeneration project, which is happening in every quarter of Manchester. In the next 10 years, it is expected that the city will continue to experience considerable commercial development in order to maintain substantial growth. In particular The Great Northern will be home to a new 46,000 square foot casino, expected to be opened in early November 2006, which is operated by the London Clubs International, hoping to attract many visitors to the area.

There are also reports that the local government are discussing plans for a £600 million extension to the present Metro link extending it to Oldham, Rochdale and East Manchester and possibly Disbury, creating easier access to the vibrant city. Other plans are the housing renewal projects such as New East Manchester and the Oldham and Rochdale pathfinder projects, which look set to completely transform these towns, making it more appealing to outside investors, especially with links to the city centre improving rapidly. The next 12 months will see even more active projects.

So Manchester is gradually expanding! We will update you when we find more information about potential expansion plans, that will consequently effect and hopefully cause an increase in property value and activity!

After much anticipation, Beetham tower is officially opened for business! Beetham tower dominates the sky, the media have created massive attention from the start with its doors finally open this autumn; the media have regarded it as the Hilton Tower.

BEETHAM Tower has 48 floors and is 171 meters (561 feet) in height; it features a striking, slender glass tower –with a glass ‘blade’ increasing the height of the building, creating the tallest building in the UK outside of London and the UK’s 7th tallest building. Soaring across the skyline, this Manchester landmark is ideally located in the heart of the city ‘Deansgate’, within minute’s walk of the city centre. This impressive building had taken construction workers almost 2 years to build now officially completed it looks amazing, very stylish and slick, more importantly it provides splendid views all over the city, reports suggest impressive views can be seen as far as Anglican cathedral in Liverpool and Blackpool Tower.

Within this tower, includes the exclusive corporate 5* hotel chain ‘HILTON’ comprising the lower 23 floors, with more than 270 rooms available, visitors of Manchester are flocking to use their facilities and experience those breathtaking views. In addition there is a state of the art ‘sky bar’ on the 23rd floor, conference facilities, a ballroom, a health centre, shops and restaurants. The upper floors of the Hilton hotel consist of 219 spacious and luxurious apartments ready to be purchased by those special people, with prices ranging from astonishing £100,000 and £2.5m.At this price tag, many celebrities such as footballers have snapped up on these gorgeous apartments as their second home and even making a profit or to by re-selling. The architecture Ian Simpson, has bought the two stories penthouse for a staggering £3 million; this price indicating; its no ordinary penthouse, covering 8,000 sq ft, 30ft tall olive trees and a pool he is one extraordinary person to be residing in Britain’s highest home.

Manchester newest skyscraper has also picked up a few prestigious awards along its journey, the most recent is the award for the building of the year 2006, fighting of huge competition from up and down the country. We will be posting more about MANCHESTER future developments soon!!!

Here are some general facts of Beetham Tower:

* The tallest residential building in the UK.
* The tallest structure outside London.
* 200 ft higher than the CIS building, now Manchester’s second tallest building.
* Built with 57,500 tonnes of concrete.
* Coated with 6,000 glass panels

Picture take from
http://www.manchestereveningnews.co.uk

Winter is approaching fast, which case many of us are thinking about Christmas presents, this is generally where we will see the slowdown in property prices.

In the current property market, it seems inevitable that property prices looks like they are going to continue to rise. In another words this means big profit, as demand is still outstripping supply. Recent reports suggest house prices are rising at their fastest for nearly four years and show no sign of running out of steam, not even with current interest rates being hiked up. According to one to one of the biggest building society property owners have seen their houses rise by an incredible £30 a day in the UK. However houses prices in the North West have seen an increase of £14 each day, with average property prices approximately around £151,198. Higher interest rates, has yet seem to threaten the property market, at present it seems very strong and stable. Rising immigration and a growing economy, has done wonders to peoples confidence, ultimately creating higher demand and fuelling property prices. Reports have mentioned that house price inflation have risen by a 6.9% in the third quarter, an impressive increase of 4.8% from the second quarter, now with a typical house costing of £168, 640.