Has Manchester property market turned the corner?

New data on the North West property market was today (Thursday 30 June) released by Thornley Groves Estate Agent. The study, which examined market trends across registered purchasers, available stock, and stock under offer, reported widespread growth in figures in June 2010 on the same period from the previous year.

The new data from Thornley Groves comes from the Estate Agent’s seven branches across the Manchester region from the City Centre down to Cheshire, reflect a broad range of properties and locations. Significantly, the strongest increase was seen in the amount of sales stock under offer, which was up 32.7 percent on the previous year, indicating a return to market liquidity.

The number of registered purchasers was 3,601 on 23 June 2010, up 12.8 percent on the previous year, while the Estate Agent’s pool of sales stock available was also up 24.5 percent on the previous year to 482 in June 2010.

Visitation to the Thornley Groves website also showed strong growth on the previous year. Traffic was up 29.6% in the month of May, highlighting significant growth in the number of buyers searching for properties in the area.

Michael Groves, Managing Director of Thornley Groves Estate Agents in Manchester, said “All the evidence we are seeing points to a strong return to activity in the property market here in Manchester. While it is fair to say that one swallow does not a summer make, the combination of quantitative growth and qualitative performance indicators that we are seeing such as swift sales, seller-confidence, and increased property search activity, are positive signs. Home-sellers should certainly be more confident now of achieving sales in what is looking to be an increasingly buoyant market once again.”