House prices in Salford are the most stable in the entire country, new research from property website Zoopla suggests.
Since April the number of properties reduced in asking price UK-wide has leapt 3.6% to 32.64% since April, figures show.
But in Salford under 15% of homeowners reduced the original asking price for their property.
Salford is bucking the trend for the North West too: 17 of the top 20 areas where house prices were cut the furthest are in our region, with Huddersfield, Wigan and St Helens topping the table.
Almost half of all properties in Huddersfield (44.9%) and Wigan (43.9%) were marked down from their original value.
Salford comes way out in front of any other city in the UK with just 14.85% of properties reduced.
That’s even lower than the notoriously fast-moving Edinburgh market, where 16.93% of homes had their values cut, or the leafy university city of sixth-placed Cambridge, where almost a quarter of all properties were reduced.
Compared to the regions with highest reductions the impact is obvious.
Property expert Martin Hills, of Hills Residential said: “This news bodes very well for Salford and is just emblematic of the terrific value available here.
“It may suggest that properties in Salford are undervalued as compared to other areas, and demand continues to rise locally.
The high-end market is really struggling and London has seen quite a significant falls.
“The likes of Cambridge or Edinburgh as you mention – these are areas that have seen massive growth and post-Brexit demand has just withered; people aren’t willing to lay out that kind of investment any more.”
Last month we revealed how Salford was rated as the top spot for first-time buyers to get in the property ladder, as home ownership plummeted UK-wide.
Read: Salford ‘still affordable’ as home ownership falls sharply
Demand remains extremely high in areas with easy access to Manchester city centre like Chapel Street, Blackfriars and Broughton.
Three-bed homes also sell quickly in areas with green open spaces popular with families, like Irlams o’th Height, Seedley, Claremont and Langworthy.
The average price paid for a home in Salford in 2015 was £146,766. that’s an increase of over 2.5% on the previous 12 months.
With the recent cut in the Bank of England interest rate to 0.25% and the prospect of mortgage rates remaining low for some time, there are bargains to be had, said Zoopla.
Statistics from Salford City Council show 1,354 new homes were added to Salford’s housing stock last year, with the bulk of development in the inner city areas of Broughton, Irwell Riverside and Ordsall.
Hills continued: “You could look at it two ways: one, either agents are pricing houses exactly right, or two, prices are still reasonable in Salford. There’s still a fair amount of housing supply while prices are probably less than they are elsewhere.
“Does it surprise me that Salford is so far ahead of anywhere else in the country? Not at all.
“I think if you look at the areas that Salford borders and what you can get for your money, it would suggest the market is stable, and strong.
“What we thought when MediaCityUK arrived is that all the BBC workers would buy in Salford, but you found that many targeted areas like south Manchester, Disbury or Cheshire.
“What we’re seeing now is those kinds of people coming back and looking at Salford because of the quality of home you can get for the price.”
Lawrence Hall, spokesperson for Zoopla said: “The total number of properties on the market with a reduction has risen since April, but discounts are way off their peak and not as high as one might have predicted given the EU Referendum outcome.
“However, where there are bargains to be had, this could present a good opportunity for those first time buyers lucky enough to have saved the required deposit.
“Couple this with the recent interest rate cut decision which could result further in adjustments in mortgage rates, the second half of this year could a great opportunity for first time buyers to research the market and find a bargain.”
