Greater Manchester may be Britain’s property growth hotspot, but homeowners are being warned not to let rising prices tempt them into overvaluing their homes.
The region has recorded the strongest house price growth of any major city in Great Britain over the past decade, with average prices surging at nine times the rate of London. But this strength comes with a warning for sellers. Strong demand doesn’t mean buyers will pay any price.
New data from PropTech platform Hiizzy – which enables buyers and sellers to handle home transactions directly without paying traditional estate agent commission – found that properties in Greater Manchester are achieving the highest proportion of their original asking price in the country.
Homes here sell for an average of 97.9% of the initial asking price, compared with 95.3% in London. Based on the average Manchester asking price of £260,000, this equates to a sale price of £254,400 – £5,454 less than originally envisaged.
Hizzy’s research – undertaken by property data firm TwentyCi – also found that even in a fast-moving housing market, one in three (34%) of sellers in Greater Manchester have had to reduce their asking price to secure a sale.
The cost of having to do so can be significant, with recent market data showing that properties with price cuts take more than twice as long to sell as those priced correctly from the outset. Sellers also risk losing buyer interest, negotiating advantage, and valuable time.
Homes in the region are also amongst the fastest to sell nationally. The research found it takes an average of just 31 days to reach an accepted offer in Greater Manchester – around two weeks faster than the national average (43 days), and almost four weeks faster than London (56 days).
The figures reinforce a crucial point – that buyers are prepared to pay close to the asking price, when that price is right.
The supply of homes coming to market has reached a 12-year high, with more than 17,000 properties currently for sale across Greater Manchester. In Manchester alone, 6,746 homes have been listed over the past 90 days, with around 520 new properties coming to market each week.
With more choice now available to buyers, Hiizzy urges sellers to balance ambition with evidence when deciding what their property is worth.
Lewis Buckley, co-founder and CEO of Hiizzy, said: “Greater Manchester remains one of the UK’s standout property markets – with major regeneration, a fast-growing economy and sustained buyer demand driving activity. But sellers need to be realistic. Strong demand doesn’t remove the need for accurate pricing. Buyers know their numbers and have more choice than ever – with hundreds of new properties coming to market every week.
“There’s so much opportunity to sell here quickly when the price is right. But get it wrong, and sellers risk sitting on the market whilst the sale of better-priced properties progresses around them.
“This makes the initial asking price even more important. Rather than pricing according to what they hope their home is worth, sellers should look at what comparable properties are actually being bought for. We always advise sellers to price from the evidence – what similar properties have sold for, not from the prices they’ve been advertised at.”
Buckley added: “The first few weeks after listing are particularly important. A property gets its biggest burst of attention when it’s first launched. Those homes that sit on the market for too long usually leave house hunters wondering why no one wants them.
“We know that price is the biggest factor that affects a house sale, and it’s the one that sellers have the most control over. But presentation and communication are also important. Strong photography, a good floor plan and quick replies to enquiries all help turn initial interest into viewings and offers.”
Using the Hiizzy platform to sell a £260,000 average priced property in Greater Manchester would offer savings of over £6500 in estate agency fees alone (at 2.5%) as well as reducing other costs associated with the traditional selling process.
Hiizzy allows homeowners to sell their property directly to buyers for a fixed monthly fee, and with no commission to pay. Because, ultimately, no one knows a home better than the person who lives there. The platform provides individual sellers with AI-assisted listing tools, property marketing, direct seller-buyer communication, marketing valuation, and Eco Approach – a specialist provider of property energy assessments, inspections and certification services. It also provides access to RICS-qualified SPI Surveyors, for independent valuations, as well as otherprofessional services. They can also opt into marketing their property on Zoopla included in their monthly fee. HM Land Registry, Street Data are amongst its data partners.