Are Property Prices Rising in Salford?

Once an industrial hub in the shadow of Manchester, Salford has undergone a significant transformation in recent years. As the city continues to evolve it’s becoming increasingly attractive to homeowners and investors, thanks in part to its relative affordability.

But with all this fast-paced growth, an important question arises: Are property prices in Salford rising? In this blog, we’ll look at the factors driving the city’s property market, compare its performance to the national picture and consider what this means for homeowners and investors.

Salford’s past is key to its future

Historically, property prices in Salford were relatively low — a reflection of the city’s industrial roots and the subsequent economic challenges it faced in the late 20th century. However, Salford is currently in the process of reinventing itself.

The city has witnessed some big changes over the past few decades. Once overshadowed by neighbouring Manchester, it has now emerged as a very desirable place to live and work. This is partly down to bold regeneration projects, for instance the impressive MediaCityUK, which officially opened in 2013.

With the city coming into its own, its proximity to Manchester has become a major plus point. Salford is well connected to Manchester centre via trams, buses and trains, as well as offering good transport links to Liverpool and Leeds.

The double-your-money decade 

Perhaps given Salford’s historic challenges and more recent ascent, you won’t be surprised to learn that  property prices have risen fast — in fact, the average cost of a property in Salford is double what it was ten years ago (£228,048 in February 2024, compared to £111,253 in February 2014). This is the highest increase within Greater Manchester — and yet Salford property prices remain far from the most expensive in the area.

The average property price now stands at £221,000 in the year up to June 2024, according to the ONS. This is just £1,000 higher than the average of June 2023, a tiny 0.7% increase compared to the regional and national averages (3.3% and 2.7% respectively).

Salford’s property price story in statistics

While it’s noteworthy that prices have doubled in a decade, comparing two points in time doesn’t tell the full story. The patterns over the past ten years stand to tell us far more about where Salford property prices might be heading in the future, so let’s dive into the data and unpack the story there.

From June 2014 to early 2017, property prices in Salford rose steadily, with inflation rates rising from 8.1% to a peak of 15.2% in January 2017. 

Then, during COVID-19, in line with a national trend, Salford’s property prices surged, with inflation hitting 27.5% in mid-2021. This boom was stronger than the national average, likely due to Salford’s affordability.

Post-pandemic, the market corrected, with inflation turning negative, bottoming out at -7.5% in early 2023. And mid-2024, we find that this correction is stabilising, with inflation back in the positive at 0.7%.

A dynamic city and a dynamic market

Salford’s story of reinvention is far from over. With continued development and its strategic location, the city is well-positioned for further growth. Even if the dramatic prices increases slow, Salford’s property market remains full of promise, and refreshingly affordable for the time being. Whether you’re looking to buy a home or invest in property, Salford undoubtedly stands out as an option worth exploring.

At SellHouseFast.co.uk, we have a deep understanding of the Salford property market, so if you need to sell your house fast, we’re here for you. We’re experienced cash house buyers, and we buy any house UK wide using our uniquely personal, efficient, transparent service.

Contact us today to get your free cash offer and chat about how we can help you make your next exciting move in your property story.