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8:30 am, October 10, 2008
Deansgate flats see second worst price fall, says survey
Manchester’s Deansgate has seen the second worst fall in the price of apartments of anywhere in the UK.
According to a survey by Mouseprice.com, flats are now selling for £196,500, losing 17.1 per cent of their value in the past 12 months.
Two of Manchester’s most ambitious developments are located there – the Beetham Tower and No 1 Deansgate.
The biggest fall was Birmingham Canal with a 17.3 per cent decline to £153,000.
Selwyn Lim, director of Mouseprice.com, said the greatest price falls were not linked to how much a property cost in the first place or the desirability of the location.
Mouseprice said many of the worst performing developments were apartment blocks built alongside canals and rivers in old brown field or industrial sites. These are the type of locations which attracted the most buy-to-let investors during the boom.
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