City cen­tre house prices fall

Manchester Evening News - - LETTERS, COMMENTS AND EMAILS - By JENNIFER WIL­LIAMS jennifer.wil­ @jen­williams­men

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

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