58% of New Home Buyers in Manchester looking to downsize, latest data reveals

58% of New Home Buyers looking to move house in and around Manchester are planning to downsize their property, according to new data from leading new homes property website, newhomesforsale.co.uk.

The data, which analysed enquiries from existing homeowners, also revealed that the number of those opting to downsize has increased by a massive 26% over the last 12 months alone.

With Manchester undergoing major regeneration schemes and its population continuing to expand, enquiries for new build properties in the City have increased by 35% over the last 12 months – positioning it as one of the UK’s top 10 locations for both new home and First-Time Buyers alike.

This latest data comes as 1.5 million home owners are set to remortgage this year as their fixed rate deal comes to an end, and with new data from the Office for National Statistics revealing 40% said it was either ‘very difficult’ or ‘somewhat difficult’ to keep up with their mortgage payments.

Vernon Pethard, Founder and Managing Director of Newhomesforsale.co.uk confirmed: “The popularity of Manchester has continued to increase in recent years, and with mass regeneration, excellent travel links and more affordable property prices compared to major cities, like London, it’s clear to see why.

“However, as mortgage rates remain volatile and stubbornly high it’s clear that many Home Buyers looking to remortgage or source a more affordable property have decided to balance the love for their home city with a smaller home. This is becoming increasingly common in popular regions, so I am certainly not surprised.”

Established in 1998, New Homes for Sale features over 2,400 developments from national house builders, housing associations and estate agents from across the UK and has established an unrivalled position within the new build sector.

This includes 18 new build sites located in and around Manchester city centre, with entry property prices starting from £171,000.

For more information, visit: https://www.newhomesforsale.co.uk/new-homes/greater-manchester/manchester/