Bury has been crowned one of the UK’s property hotspots - and house prices in Salford have hit an all-time high as the Manchester property boom spills out to neighbouring areas.

Over recent months, Manchester has been at the centre of feverish investment as property buyers and developers turn their sights from London to the north.

But new figures now show how house prices in nearby boroughs are now experiencing their own booms.

And professional couples who previously might have chosen to move to Didsbury or Chorlton have described how they now opting for places like Prestwich and Ramsbottom.

The average house price went up 6.4 per cent across Greater Manchester. But individual boroughs recorded whopping increases.

Bury and Salford topped the list.

How much did average house prices go up by in your area? See our table below to find out...

In recent years, private and big business investors from China, Hong Kong and the Middle East have switched their focus from the overheated capital to the north west - where they believe they will see a bigger return on their investment. This along, with the region’s growing population has sent prices soaring.

Last year, Manchester saw the biggest year-on-year price growth of anywhere in the UK.

But new monthly figures for houses sold in July, show how the biggest growth has now switched to Bury.

 

 

According to figures from the Land Registry, the average house price in the town shot from £150,148 last year to £169,750 - a rise of 13.1 pc and the sixth biggest house price rise in the country.

It comes as areas such as Prestwich and Ramsbottom have seen a boom in new restaurants, bars and boutiques, with many BBC employees relocating from London choosing to move into the areas.

Meanwhile, Bury itself has reaped the benefits of landing the town centre’s Rock shopping and entertainment centre, bringing shoppers into the town.

Bury council leader Rishi Shori says that the ‘Bury Boom’ shows how far the borough has come.

He said: “I think part of the reason we are seeing rising house prices is that Bury is becoming one of the best places to live in the country.

“We have a mix of urban and rural areas. Towards the north you have Ramsbottom and Holcombe Hill and as you move towards Manchester there is Prestwich and Whitefield.

“Bury also has a lot of great schools for families and good transport links, with the motorway and Metrolink to Manchester.

“All of this put together makes it a very attractive place to live.

 

 

“The accessibility is a particularly important point because around 50 pc of workers in Bury commute to Manchester. This gives people access to employment but without having to live in the city.

“There really is something for every age group in Bury, in terms of house prices but we are keen to add more affordable housing to the mix.”

Salford, where prices reached record levels, was the closest contender to Bury, rising by 8.4 pc since July last year.

Developments on Salford Quays, near the MediaCityUK site, plus new homes being built on the city’s border with Manchester city centre are likely to have driven the mini-boom.

The average home there now costs £154,541, up by more than £12,000 in the last year.

This is the first time values in the region have gone past £150,000, according to Land Registry Figures.

Traditionally, Manchester has been the go to place destination for property investment.

However, with hundreds of new jobs and the £1bn expansion of MediaCity UK on the horizon, there are signs that investors are starting to look elsewhere.

But according to local experts a lack of stock means that this increasing popularity will only see prices rise even further in the coming years.

Overall, the growth across Greater Manchester was above the UK average.

The average house price across the region rose to £160,029 in the year to July, an increase of 6.4 pc compared to the UK-wide figure of 5.1pc.

Jack Murry, marketing advisor at Hills Residential, in Salford, says that there are two reasons for the rise; lack of supply and increasing demand.

He said: “There just aren’t enough properties coming to the market.

“If you take selling rates for example, the number of properties being sold drops by about six per cent each year, while the same number of buyers are still there.”

“While MediaCity UK has also had an effect and it’s now reaching the outskirts; I thought that it would have happened about five years ago but we are finally seeing the impact.

“We are seeing buyers and investors coming from London which has driven prices up in some areas. Whereas properties might have cost around £100,000 to £120,000 a few years ago, now they are going for £150,000 or even £160,000.

“There is that ripple effect for other areas which is a good thing for homeowners looking to sell.”

According to the UK House Price Index, Bury saw the sixth highest property spike in the UK. The highest price rise was Cotswold, where property spike by 16.2pc.

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