2020 has already started with a bang at NPP Residential! We’ve had triple the amount of property enquiries in the first 5 days of January than we had in December as a whole.
Tenants are setting new goals for the year which include moving in with partners, increasing their living space or treating themselves to the property with the south facing balcony that they’ve had their eye on. Sellers are motivated to off load their assets to free up finance for further opportunities and buyers are looking for quick completions to ensure they’re in their new home for Spring. Overall, it’s resulting in waves of activity across both sales and lettings.
Looking ahead, it’s likely we’ll see rents on the increase. A surge in quality stock completing across Manchester will provide tenants with a range of amenities, high end shared spaces and stunning furniture packs – of which tenants are happy to pay a premium for. Landlords of more mature stock will need to ensure their properties are freshened up in order to minimise voids.
Businesses are relocating their head offices to Manchester and leasing large areas of commercial space for expansion – resulting in increased employment opportunities for skilled professionals with high end salaries. Ultimately this will result in an influx of highly paid tenants entering the market looking for quality living accommodation close to their workspace.
Property owners looking to sell will see fast paced completions as motivated buyers enter the market after an uncertain 2019. The yearly ‘Spring surge’ will ensure sellers achieve strong offers as properties can be showcased better in the warmer weather and viewers can appreciate spaces in natural light. Price per sq ft in the city will be positively impacted by exciting development plans in transport and leisure.
2020 will certainly need to be the year that we actively trade out of any recession that we saw in the Brexit turmoil of 2019. Property professionals will need to ensure their positivity is translated into realistic offers and quick completions in order to keep the market buoyant and moving in the right direction.
If you’re thinking of selling or letting your property – get in touch today for a FREE valuation!
0161 639 0050