EXPERTS SAY UP-AND-COMING OPENSHAW IS PROPERTY HOTSPOT
25 July 2016
Homebuyers are putting their money where their mouth is in Openshaw, as experts signal the area is becoming a real property hotspot.
An analysis of sold prices over the last year, sourced from the Land Registry, shows that values in Openshaw were 5% up on the previous year, yet it is still a more affordable location than its neighbouring areas.
The sold prices, which were analysed by house builder Lovell, reveal Openshaw, with an overall average price of £93,846 was more affordable than Audenshaw and Droylesden despite being nearer to the city centre.
Local estate agent Kate Muir, of Reeds Rains in Manchester, says that increasingly, people are choosing to move out of the city centre to put down roots in up and coming places such as Openshaw, which could be a factor in the area’s robust growth in property values.
Kate says: “We’re seeing a real trend among first time buyers and couples in their late 20s and early 30s, who may have spent several years renting in the city centre, who are opting to buy a new home in a more affordable location than, say, Didsbury or Chorlton.
“Openshaw is a particular hotspot thanks to multi-million pound investment in local facilities and new homes, its particularly close proximity to the city centre and the fact that even though they’re rising, house prices are still really affordable.”
One new house builder that supports this view is Lovell, which is building new family homes at East Avenue, set in the rejuvenated heart of Upper Openshaw. The development launched just three months ago with sales off-plan, however the lack of a show home to view did not deter home buyers who snapped up three four-bedroom family homes in a matter of minutes.
Clare Noakes, sales director for Lovell in the North West, says: “There is something to suit everyone at our East Avenue development so we have been buoyed by the fantastic start to sales from buyers keen to invest in an affordable home now while local prices are on the increase.
“The extremely positive reception we have received from potential buyers is similar to our experience when we launched our Beswick development, The Way, several years ago. At that time, Beswick was an up and coming area and it has since flourished with the addition of new homes and investment into local facilities into a highly desirable place to live.”
East Avenue will feature two, three and four-bedroom homes each finished to a high specification with a garden and off-road parking, all just two miles from Manchester city centre.
Show homes will open in the Autumn to truly reflect the lifestyle that’s on offer for those who make the move.
Clare Noakes added: “The properties are perfect for those working in the city centre, just a two-mile commute down Ashton Old Road, as well as families who want to be close to everything the city has to offer, while still benefiting from a spacious home with outdoors space and parking.”
Help to Buy: Equity Loans are available for customers with just a 5% deposit.
Current availability at East Avenue includes two-bedroom Trenton semi-detached homes from £121,500 and three-storey, three-bedroom Longley homes, priced from £164,500 for a semi-detached property.
Openshaw itself is thriving following multi-million pound investments in housing and amenities. Just 250 yards from East Avenue, the new £40 million District Centre includes a Morrisons supermarket, high street shops, offices and a health and fitness centre.