17th November 2011

MANCHESTER PRIME PROPERTY OUTPACES LONDON FOR ASKING PRICE INCREASES

• Asking prices for prime properties in Manchester soar 11% over the past year to an average of £319,111

• Average asking prices across all properties in the city increase 0.9%

Manchester is now the UK’s second largest prime property growth area behind London, with the average prime price soaring 11% since September 2010, significantly outpacing top-end property rises in London, according to the latest Prime Index from PrimeLocation.com (www.PrimeLocation.com).

The monthly index, which tracks the top quarter of the property market by value, found that prime property asking prices in Manchester now stand at £319,111, almost double the asking price for an average home in the city (£161,276) and 0.7% higher than in August.

The Manchester prime market has significantly outpaced the city’s broader property market, where the average home has seen its asking price rise 0.9% since September 2010, and is now on the market for £161,276.

Compared with the capital, prime property prices in London have increased 4.75% since the same time last year.

Nigel Lewis, property analyst at PrimeLocation.com said: “Manchester is a vibrant hub for the arts, entertainment and business in the North West and significant amounts of money have been invested in regeneration projects over the past 15 years, transforming the city centre. This regeneration of Manchester, with improvements to transport links and the development of business drivers like the Manchester Media City and Greatest Manchester Business Growth Hub are all helping bring money into the city, and in turn fuel prime property market growth.”

Average asking prices for Manchester’s prime platinum properties (the top 10% of the market) are up even more strongly to 14.28% year on year, compared to prime platinum price rises in London of 3.22%.

The Prime Property Gap – UK and Manchester

Prime Asking                     Average Asking                Prime Price Gap                     %
Prices - Manchester       Prices - Manchester       – Manchester

01-Sep-11        £319,111         £161,276                     £157,835                     98%

01-Sep-10        £287,386         £159,839                     £127,547                     80%

01-Sep-09        £288,052         £161,251                     £126,801                     79%

Prime Asking                     Average Asking                Prime Price                               %
Prices – UK                         Prices – UK                         Gap - UK

01-Sep-11        £472,340         £219,943                     £252,397                     115%

01-Sep-10        £454,022         £218,189                     £235,834                     108%

01-Sep-09        £458,189         £218,510                     £239,680                     110%

Prime Platinum                                                Average Asking                                Prime Platinum Price     %
Asking Prices -  Manchester       Prices – Manchester      Gap  Manchester

01-Sep-11        £465,831                     £161,276                     £304,555                     188%

 01-Sep-10       £407,640                     £159,839                     £247,801                     155%

01-Sep-09        £406,710                     £161,251                     £245,459                     152%

 Prime Platinum                               Average Asking                Prime Platinum                                %
Asking Prices - UK                           Prices - UK                          Price Gap - UK

01-Sep-11        £654,746                     £219,943                     £434,803                     198%

01-Sep-10        £634,479                     £218,189                     £416,290                     191%

01-Sep-09        £629,099                     £218,510                     £410,589                     188%

Notes to Editors
About the Prime Index
The monthly PrimeLocation.com Prime Index offers a unique, independent and robust view of the UK’s prime property marketplace, including prices and stock levels. For the first time, the index provides authoritative data for all regions of the country.

It segments the upper end of the market as follows: • Prime – incorporating the top 25% of all UK property by value • Prime Platinum – incorporating the top 10% of all UK property by value

The percentile approach enables the two prime tiers to track the overall market prices, stock and remain relative to local market forces.

About PrimeLocation.com
PrimeLocation.com is the UK's principal portal for leading estate agency firms, representing 12,600 branches including major estate agents such as Savills, Knight Frank and Hamptons International. It lists just under a million properties to rent or buy in the UK and overseas and has over 5.2m visits a month*. PrimeLocation.com is part of the Digital Property Group, a division of A&N Media.

*Source: Cognesia, September 2011.

For further press information please contact Citigate:
Katie Pugh
Citigate Dewe Rogerson
Katie.pugh@citigatedr.co.uk
0207 282 2914