How Stockport has become one of UK’s fastest growing property markets
The up-and-coming town in Greater Manchester has risen through the ranks as a property investment hotspot in the north-west, with a host of exciting regeneration projects in the pipeline. During the first half of 2021, the number of prospective property buyers in Stockport surged by more than 500%. The peak in interest in the Manchester commuter town was registered by the Royal Institute of Chartered Surveyors (RICS). The firm noted a huge rise in the number of instructions they received to carry out property surveys.
The surveyors completed 1,887 surveys in total between January and July this year. This is a significant increase from just 311 in 2020, making it by far the biggest rise in the UK. While much of the UK property market continues to recover in the aftermath of Covid, Stockport is taking a major lead, according to the data. Sector is "skyrocketing" Property management and inspection firm Property Inspect compiled the research from RICS data. Commercial director Warrick Swift believes positivity in the sector will continue after "skyrocketing" in recent months.
“House inspections are typically conducted by a buyer before contracts are exchanged to understand more about the fabric and condition of the property," comments Swift. "Inspections are not mandatory but can sometimes save buyers thousands by revealing issues that may not have been evident upon initial viewing. “Though favourable market conditions like the stamp duty holiday have been somewhat rolled back, properties are still in high demand across the country, pushing prices up," he adds. “It’s unclear how the market will develop in the final few months of 2021 but it’s clear that the number of properties exchanged will continue to climb, surpassing exchanges carried out last year.
” Transforming the town with £1bn investment Some major regeneration works are currently underway in Stockport. This is one of the key reasons why buyers are honing in on the town right now. One of the major improvements coming to Stockport is a revamped transport exchange. The ambitious proposals include a huge new bus station, a covered passenger concourse and better interchange links. The works will massively improve the area's already excellent connectivity. Developers are also planning to create a "Town Centre West" area with 3,500 homes.
Thousands of other new homes are also in the pipeline with the redevelopment of part of Stockport's college campus, the transformation of Weir Mill, and the creation of a new community on the site of the old St Thomas Hospital. Beside the train station sits the Stockport Exchange, a new, modern business district. Still under development, the Exchange is already home to the likes of Music Magpie, Stagecoach and Sainsbury's Local. These are just some of the projects underway in Stockport, more of which you can find on the council's website.
Popular Manchester commuter town While Stockport may not be the first location that springs to mind as a property investment hotspot, more and more investors are now seeing the area's huge potential. It sits just eight miles from Manchester city centre, and regular direct trains take just 10 minutes. Restaurants, cafes, bars, cinemas, theatres and other entertainment venues are plentiful in Stockport. The market town has an active music scene and night life, with museums and parks to visit during the day.
The jobs market in the area is thriving, and the incoming investment and development will further improve this. Since Covid, it goes without saying that some people's priorities have changed. While cities will always attract those wanting to live in the thick of it, commuter towns are becoming more important. Locations with easy access to both cities and countryside are increasingly popular among a wider demographic. This is where places like Stockport will come into their own as future-proof investment options.
BuyAssociation has some unique property investment opportunities available in Stockport. Get in touch to find out more, or sign up for free early access to our best projects across the UK. Source: How Stockport has become one of UK’s fastest growing property markets