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Crazy Property Market

Sell My House Quickly in Manchester

Sell My House Quickly found another interesting article about properties in Manchester. Anger, bidding wars and spiralling prices – what it’s really like for buyers right now in Manchester’s crazy property market. Homes are selling in a day in a ‘brutally’ competitive market.

Crazy Property MarketSealed bids, houses selling on the day they’re listed, and estate agents suffering a barrage of abuse from angry buyers missing out on viewings.

Welcome to the ‘brutal’ world of house buying in Greater Manchester in 2021. Where an overheated property market is leading desperate buyers to desperate measures.

Estate agents say it’s the ‘craziest’ market they’ve seen in 20 years, with many properties having 10 or more offers within days of going on sale. While some agents have reported being verbally abused by frustrated buyers.

Properties in the suburbs are now routinely going to sealed bids, and first time buyers are saying they’re not even getting through the door before properties sell. In some cases up to £50,000 above the asking price – in what is firmly a seller’s market.

Buyers have described the situation as ‘wild’ and ‘brutal’ with many resorting to leafleting their chosen areas, while local area Facebook groups are flooded with requests from people keen to know if anyone is intending to sell in the future – in a desperate bid to be first through the door of a new-to-the-market house.

The lack of supply to meet demand has seen asking prices surge – with increases at a faster rate in the north west than anywhere else in the UK.

Rightmove this month confirmed that statistic, with seven of the top ten biggest year-on-year asking price increases here in the north west – including Leigh and Oldham in Greater Manchester, Rossendale and Lancaster in Lancashire and Sandbach in Cheshire seeing the biggest rises.

Meanwhile Salford has seen the biggest price increase over the past five years, with the average house in February 2016 priced at £129,563. Now that’s surged by a massive 44 per cent to an average of £188,600 in February 2021.

We found this article about Anger, bidding wars and spiralling prices – what it’s really like for buyers right now in Manchester’s ‘crazy’ property market on Manchester Evening News. Kindly click the link to read the full story.

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