Is the Northern Powerhouse Having an Effect on the Manchester Property Market?

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(Newswire.net — March 23, 2020) — The Northern Powerhouse scheme was initiated by the UK government to boost the economy of the North of England. The core cities of Manchester, Liverpool, Leeds, Sheffield, Hull and Newcastle experience, and are continuing to experience, development projects. 

Now dubbed ‘the London of the North’, Manchester’s property market has experienced an upturn. University graduates to experienced property investors are wanting to live in city and this will have an inevitable knock on effect for the local property market. 

Fortunately, SOLD.CO.UK’s interactive map of Manchester house prices has come at the right time to help potential buyers asses the housing landscape of the city.  The interactive property map reveals property prices across Manchester based on Metrolink stations; the mode of transport forming the backbone of the city. Our blog will take a look at the Metrolink lines that have seen average property prices grow the most over the past five years. 

Manchester house price growth 

Between 2014 and 2019 Manchester has witnessed a period of house price growth across many areas. With a rise in funding and development due to the Northern Powerhouse scheme the city has grown organically and is second only to London in terms of popularity. 

When considering the Metrolink system as a whole it can be seen that the average property price has increased by £44,448 since 2014. Below we take a look at some of the Metrolink routes that have seen the highest rise in average property price. 

Manchester Airport – Victoria 

Over the past five years property prices on the Manchester Airport to Victoria line have increased by ££44,068. The route covers 24 tram stops and meanders through southern Manchester before stopping at Old Trafford and into the city centre. Given the route’s affiliation with Manchester Airport it is no surprise that property prices have risen on this line. Furthermore, those who work in the city will benefit from the direct route into the centre of Manchester. 

Of the eight Metrolink routes the Manchester Airport to Victoria is one of the most affordable despite the 28.1% rise in the average property price over the past five years. As of 2019 you can purchase a home on the route for an average price of £200,090. 

Altrincham – Bury 

The Altrincham to Bury line helps connect much of western Manchester to the city centre and further on to the east. As one of the main routes connecting an area of the suburbs it is a popular commuter route. At St Peter’s Square the route carries on to the east of Manchester to Bury

Over the past five years the route has observed the second highest increase in average property price. Houses have shot up 26.7% in value with prices now sitting around £254,952.

Altrincham – Piccadilly 

Covering the western suburbs of Manchester and travelling north to Manchester Piccadilly is the Altrincham to Piccadilly line. Covering a similar route to the Altrincham to Bury route it is also a popular commuter route. It includes some of Manchester’s busiest Metrolink stops, including Manchester Piccadilly and St Peter’s Square.

Although a relatively short line compared to other Metrolink services, Altrincham to Piccadilly has seen the greatest average house price increase over the past five years. In 2014 you could purchase a property on the line for an average house price of £248,818. Fast forward and you will need an extra £63,671 – representative of a 25.6% – to buy a home on the route. As of 2019 the average house price was £312,489.