Home price growth in Manchester, England, has outperformed the U.K. average for five out of the last six years, according to a study from real estate firm Cushman & Wakefield.
The average home in the northern city appreciated 9% in the year through July—a significant rise when compared to the price declines recorded in London. Prices have fallen by around 1% in the U.K. capital during that same timeframe, and have risen more moderately in cities like Leeds.
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"Greater Manchester is the U.K.’s largest and fastest-growing economy outside of London," said Julian Cotton, associate director at Cushman & Wakefield, in the report. The city is home to a number of FTSE 100 companies, and has an economy of £300 billion (US$389 billion).
Businesses with core operations in Manchester include Amazon, the Royal Bank of Scotland, in addition to media giants like the BBC and ITV.
The local economy has fueled Manchester's housing market, which could be a boon to developers and property investors over the next decade.
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The brokerage forecasts home prices in Manchester will rise 57% through 2028, the highest rate of growth in that time period of any city in the U.K. By comparison, prices are expected to rise 46% in both London and Birmingham, and 20% in Liverpool.
A separate report out this week also highlighted the comparative strength of Manchester’s housing market. Home prices in the city grew 2.1% in October compared to a year ago, while prices in the England’s greater North East region, where Manchester is located, declined 0.2% during the same time period, according to data from LSL Property Services/Acadata.