The rental market in Manchester is booming with more growth likely over the next five years says one of the city’s lettings agencies.
Bentley Hurst’s December Manchester Property Index shows rental enquiries up 22 per cent over the course of 2020, and rental values projected to increase by five per cent over the next five years.
This comes after research from Zoopla found tenants paying up to £984 ppm for one-bedroom properties in Manchester, £1,200 ppm for two-bedroom properties, and £1,699 pcm for three-bedroom properties.
James Favas, director at Bentley Hurst, says: “The property market in Manchester is busier than it has been in a long while, and we have a lot to be excited about as we move into 2021.
“December is notoriously a quiet month in property, so to see new listings outperforming our usual seasonal trends just goes to show the strength of the market. Even lockdown and tough tier restrictions haven’t slowed the market down.
“Capital growth is increasing year on year with a projected growth in the region of 20 per cent over the next five years, so we see this as only the beginning of a property boom in the area.”
The agency adds that for sales and lettings combined there were 2,882 new listings in December alone, up 8.87 per cent on last year.
The city also saw 1,732 sales agreed, as homebuyers endeavoured to make the most of the stamp duty deadline in March.
Buyer enquiries were 11 per cent higher than they were at the start of 2020, despite almost a year of tough tier and lockdown restrictions.