Manchester Report

Supply
The Local Plan has established that the city
centre will be the focus of housing development
in Manchester and it is expected that a minimum
of 16,500 new homes will be delivered between
2010 and 2027, equating to 917 homes per
annum. However, the supply of new housing
in recent years has been low for a city the size
of Manchester and compared to pre-global
recession years. Between 2009 and 2014, total
housing stock only increased by 3%. While annual
completions have averaged 1,674 over the past
decade, in the last three years the average drops
to less than half of this number. This suggests that
supply may struggle to keep pace with anticipated
future demand.
Figure 3: Manchester residential completions
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
Total
Private
Source: DCLG
Note: 2015/16 only includes data for the first three quarters
Prices
Values have recovered much of the lost ground
following the global recession fallout but are still
12% below the ten-year market peak. Annual price
growth to March 2016 was 7.4% according to the
Land Registry, ahead of the North West regional
average (+5.3%) and the national average of 6.7%.
Figure 4: Manchester average residential sold prices: 2006-15
£120,000
£115,000
£110,000
£105,000
£100,000
£95,000
£90,000
£85,000
£80,000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Source: Land Registry
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