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Outside of London, the price of a Manchester city centre flat is rising the fastest

Activity has been 'spurred on' by the Government's Help to Buy scheme

The reasons why Manchester city centre apartment prices have risen faster than anywhere else outside of London over the last five years have been revealed.

According to research from property services firm JLL, prices in Manchester have shot up by 23% over that time, out pacing the likes of Birmingham, Leeds, Bristol, Edinburgh and Glasgow. Together, the cities are known as the 'Big Six'.

The 'Big Six' research also showed that demand for city centre homes had risen for the first time since before the pandemic.

JLL said that activity has been "spurred on" by the Government's Help to Buy scheme, with over 13,200 equity loans provided across the four English cities.

However, the firm has forecast that the number of first-time buyers entering the market will fall with October marking the end of the scheme and interest rates rising. It added that it is "likely to further fuel the rental market".

Rents are 15% higher in Manchester compared to 2019 and the city centre has seen 8,900 built to rent homes completed, the firm said.

However, demand continues to outstrip supply, with rental applications up 25% year-on-year in the first half of 2022.

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