House hunters and tenants are now choosing to take a longer commute in a bid for cheaper property prices
People are moving to surrounding areas with cheaper house prices and rent costs(Image: Getty Images)
Buyers and renters who are being priced out of Manchester are turning to nearby commuter towns and villages for cheaper house prices and rent costs.
Around 64 percent of people who moved to Manchester left the city last year, according to a new report by Compare My Move. With the average cost to rent in the city now at are now £1,580, tenants are now choosing to take a longer commute for lower rent.
A big reason for this is the demand for private rental properties in Manchester outweighing the current supply, with an estimated 380,000 private renters and more than 88,000 students, a lot of who will be privately renting.
With the average house price in Manchester now at £273,789, which has gone up by 2 percent since last year, this is also driving people out of the city and towards more affordable towns and villages situated on the outskirts.
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Stockport has been named Manchester’s most popular commuter town by Compare My Move, with more than 12 percent of people leaving Manchester choosing to move there.
Just 10 minutes from Manchester city centre by train, Stockport offers an attractive alternative especially for renters. The average rent in Stockport is £1,464 per month, which is £116 cheaper than in Manchester.
Interestingly, house prices in Stockport are slightly higher than in Manchester. One reason for this could be the difference in property types.
In Manchester, about 28 percent of homes are flats or apartments, compared to only 15 percent in Stockport.
Areas with more flats tend to have lower average house prices, as flats typically offer less space and fewer bedrooms than houses.
Salford, being Manchester’s closest neighbour is second on the list, falling down from first last year.
Although Salford is only a three-minute train journey from the centre of Manchester, buying a property in Salford would cost you more than £40,000 less, and renting is more than£100 cheaper a month.
Dave Sayce, co-founder and managing director of Compare My Move, explained what is driving people away from city centre living.
“Manchester’s moving trends are signalling a renting crisis, there is a huge demand for privately rented homes, and this is driving up prices on the rental properties that are available
“According to Property Investment UK, 62 percent of Manchester’s residents live in privately rented accommodation, the highest proportion in the UK. That’s over 380,000 people. When comparing that to the 2021 housing census, that’s an average of 6 people per property.
“With such a high number of renters alongside the consistent student population, demand for private rentals is extremely strong. This high demand is driving up average rental prices and is likely a key reason why many people are choosing to move to more affordable commuter towns nearby.”
Stockport has been named the most popular commuter town(Image: Getty Images)
Here are Manchester’s most popular commuter towns in ranking order, along with the average house price and rent cost:
Stockport
Average house price: £302,166
Average rent cost: £1,464
Salford
Average house price: £232,241
Average rent cost: £1,478
Cheadle
Average house price: £373,010
Average rent cost: £1,417
Warrington
Average house price: £287,113
Average rent cost: £942
Bury
Average house price: £253,524
Average rent cost: £938
Sale
Average house price: £397,777
Average rent cost: £1,345
Oldham has much cheaper house prices and rent costs(Image: PA)Oldham
Average house price: £208,406
Average rent cost: £893
Bolton
Average house price: £228,639
Average rent cost: £988
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