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Demand for mortgages doubles in Manchester

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04/02/2022
The enduring appeal of city living is tempting homebuyers back into regional cities, as well as the capital
Demand for mortgages doubles in Manchester

Demand for mortgages in Manchester is now at double the level of 2019, said Trussle.

The broker said that cities such as Birmingham and London are also seeing a bump in demand. Applications for mortgages in London are now at the same level as December 2019, before the pandemic hit, as homebuyers look to city living again.

Desire for city centre property declined during the pandemic, said Trussle, as remote working became the norm and amenities remained closed.

Instead, there was a trend of buyers across the country moving to more rural countryside locations.

City appeal

But now buyers are now flocking back to city centres as shops, bars and restaurants resume service.

Trussle has found that mortgage applications in London now account for 14% of all mortgage applications, a level not seen since December 2019. Overall, applications for mortgages in London have increased by 30% in recent months.

However, estate agents have reported that buyers want more space than previously and are seeking bigger homes in the city. This is likely to be due to more people working from home, which demands home office space.

Miles Robinson, head of mortgages at online mortgage broker Trussle, said: “With highstreets back in business, the allure of city living is returning. This is clearly beginning to resonate with buyers, and we are seeing interest in city centre properties up and down the UK either return to pre-pandemic levels, or higher.

“Another reason for this could be the return of office working, albeit in a reduced capacity. While remote working was necessary during the height of lockdown, many businesses are moving to a hybrid model that does require people to be in the office 2-3 days per week. As such, many people may feel the need to be closer to their place of work than they did a year ago.”

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