First-time buyers are having a hard time finding homes amid the cost of living crisis. As house prices are amongst the many things that are constantly climbing, new house hunters are being priced out of market and are therefore struggling to get a foot on the property ladder.
With affordability and location the main factors in helping first-time buyers choose where to live, one Greater Manchester postcode has suddenly become a hotspot for those searching for a starter home. In the last month, Purplebricks has noticed an influx of first-time buyers flocking to M14, which covers the areas of Rusholme and Fallowfield.
The estate agents say that buyer activity in the south Manchester area is "crazy" at the moment, with countless viewing requests and offers being put in for properties - which are then flying off the market within a matter of days.
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With the average house price in Greater Manchester currently at £231,344, according to latest data from Rightmove, Rusholme and Fallowfield are on the more affordable end of the region's property market, making them an ideal choice for first-time buyers.
Properties in Rusholme were priced at an average of £182,325 in July, with the majority of sales over the last year being terraced homes selling for an average price of £177,229.
In Fallowfield, the standard cost of a home is slightly higher at £210,556, with terraced homes selling for an average price of £194,205, but in comparison to other areas it offers good opportunity for first-time buyers.
At the moment, Purplebricks say they have very few properties on the market in the M14 area due to them being snapped up extremely quickly.
The estate agents say this three-bed semi-detached house on Ellanby Close in Rusholme had 50 viewing requests after being advertised online, and sold in less than seven days for more than its asking price.
One property that has attracted many first-time buyers recently is a two-bed terrace in Fallowfield priced at £180,000. Situated on Horton Road, which is popular with people buying their first property, Purplebricks had 19 viewings requests for this home in just over 48 hours.
A two-bedroom home on Heald Avenue in Rusholme that is taking offers in excess of £170,000 is also proving to be a hit with first-time buyers due to its cheap price.
Purplebricks also expect there to be a lot of attention for this three-bed apartment on Claremont Road in Rusholme that is on the market for £175,000, with comes with a balcony. The estate agents said a similar property in the area sold for £25,000 over asking price in recent years.
Jason Burke, the local property partner for Purplebricks in Manchester said: “All of these properties are great for first-time buyers with a budget. The M14 area is always popular, but I was surprised at just how crazy the market is currently and how quickly houses are selling.
"Fallowfield and Rusholme are becoming more popular as cheaper alternatives to Chorlton, Didsbury and the city centre. These properties are close to the many local amenities in the city centre, with great transport links and good cycle lanes, making for a simple commute.”
As well as its reasonably priced homes, the M14 postcode is also attractive for its parks, which include Whitworth, Birchfields and Platt Fields, as well hosting The University of Manchester's Fallowfield campus, Manchester Grammar School and Xaverian College.
Rusholme is also home to the The Curry Mile - Manchester's world-famous location - that boasts a wealth of neon-lit Pakistani, Bangladeshi and Indian restaurants, takeaways and Shisha lounges.
Located along Wilmslow Road, just two miles south of the city centre, the area comes to life late at night with many restaurants staying open until the early hours making them particularly popular with the younger generation.
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