New figures show that property sales in Salford experienced the biggest increase of any city in the UK in 2015.
The latest data from the Land Registry found that Salford witnessed an increase of more than 20% in the number of properties sold in 2015 – standing in stark contrast to the national trend, with 82% of England’s towns and cities experiencing a decline in sales volumes in 2015.
In addition to the significant growth in the number of property sales in Salford, the north west city has also experienced an increase in the average property price in the city over the past few years. Standing in line with the UK average, house prices in Salford rose to an average of £100,770 – a 4.8% increase year-on-year.
The increased volume of property sales and the rise in house prices in Salford follow the completion of several high profile regeneration programmes in the region.
As part of the city’s ongoing regeneration programme, which aims to position Salford as a ‘modern global city’ by 2025, the region has seen £425 million of public sector funds channelled into the city, as well as a further £1.3 billion from the private sector.
The city’s flagship development, MediaCityUK, has seen the growth of a £650m hub for media and creative industries in the north west of England, with more than 250 businesses now located at the site in Salford Quays.
The 2025 City Plan will also see the city centre undergo a £650m regeneration due for completion in 2018 and a number of city wide regeneration schemes, projected to have the cumulative effect of creating more than 36,000 new jobs in the city over the next 15 years.
The continued growth of Salford, follows a report published in April, which stated that apartments in Salford and Manchester attracted the highest demand in the UK over the course of the last 20 years.