City centre house prices fall
AVERAGE two-bed apartments in Manchester’s upmarket Spinningfields district are now renting for more than £1,300 a month - 75pc higher than in Hulme, a mile and a half away.
However city centre sale prices have dipped significantly in the last year, according to a new report going before councillors next week.
The analysis sheds more light on the city’s much-discussed economic boom, including the city centre housing market.
It notes the highest rents for a twobed flat are now in an area it labels as ‘Deansgate and Spinningfields,’ where considerable numbers of upmarket apartments have either been built or are in the pipeline, while the cheapest are around ‘Hulme and Birley Fields,’ costing around £750 per month. Chapel Street is the next cheapest area, while ‘Oxford Road North’ is said to be the second dearest, at between £1,000 and £2,000 pcm.
The report, compiled for Manchester City Council’s Economic Scrutiny committee, shows city centre rents hit a peak halfway through 2017, before falling back slightly to late-2015 levels.
Meanwhile city centre sales have dropped significantly in the last year, down nearly a third. Average sale prices fell too, by around £15,000. Both measures dropped across the city as a whole, but not by as much as in the city centre.
The report also shows how city centre apart-hotels are flying up - their numbers up by more than a fifth in 12 months. At the same time it outlines how the economic divide between people who live in Manchester and work in it is growing.
Since 2011 the gap in earnings between those two sets of people has steadily grown - from £76 a month to £96.
“The gap between the wages received by Manchester residents and Manchester workers continues to widen despite the improvement in the skill levels of Manchester residents,” says the report, although it also notes that the proportion of people earning less than the living wage has come down.
“It also shows the disparity between Manchester’s economy and the rest of the conurbation. The city accounts for 22pc of all Greater Manchester’s businesses, in comparison to around 6pc in both Tameside and Rochdale.
“The city council collected £11m in business rates last year compared to the year before.”
Trinity Islands, a ‘vertical village’ planned for south of Liverpool Road, is one of a number of new city centre properties in the pipeline