2017年 03月 04日

House prices soar in Salford as estate agents scramble for stock

Prices have risen by double the national average

House prices in Salford have soared as estate agents ‘scrambled’ for stock. Homeowners saw prices rise by almost double the national average – rising by 13.1 per cent in 2016. According to figures released by the Land Registry, the average house prices in the UK increased by 7.2 pc, to £220,000. In Salford however, prices shot up from £127,918 to £144,614 – an increase on £16,696.

But according to local experts, it’s all a question of supply and demand, with agents struggling to find enough properties to sell. Marian Waldron, director of Murphy Waldron Estates, in Salford, said: “I think that part of it is the lack of stock over the last year. Agents are scrambling for stock which is driving the price up. This year we just can’t get enough stock. Having said that it’s still cheaper than other parts of Greater Manchester and with Media City, the Quays and the tram, it ticks that wish list for people looking to commute. We are where we were ten years ago. We are back to those kinds of price and I don’t know how long that is going to last for.”

Manchester also finished the year on a high with house prices growing by £11,536 to £156,632. Estate agents in the borough also pointed to a lack of stock causing house prices to rise. The lack of supply is not stopping demand however, meaning rising prices will only continue.