The online estate agent’s research shows just how competitive the market has been over the past 18 months amid the pandemic.
The stamp duty holiday – introduced in July 2020 – encouraged people to put their houses up for sale while saving them thousands of pounds.
There was a rush to complete before the deadline in June 2021, with sellers receiving a number of offers in some attractive neighbourhoods.
This resulted in potential buyers bidding way over the asking price, and the extent has now been revealed in Purplebricks’ latest study.
They found 65 per cent of sellers in Manchester reported they sold for over the asking price, with 57 per cent selling for £25,000 to £40,000 more.
Confidence in the market was prevalent, with 93 per cent of sellers saying they were either ‘very’ or ‘somewhat’ confident they would sell their home for a price they wanted within a reasonable time frame when they put their home up for sale.
And buyers have been keen to move quickly, as 21pc of sellers received an offer within just one week of putting their home on the market and nearly half (46pc) accepted an offer on their home within just two weeks – demonstrating just how busy the Manchester property market has been.
It wasn’t just the appealing tax break that prompted homeowners to move speedily though, as spending more time at home than ever over the course of multiple lockdowns resulted in people changing their property preferences.
Almost half of Manchester sellers (48pc) sold their home because they were looking for a more peaceful way of life – a lifestyle change made possible by a combination of rising asking prices and high demand from prospective buyers, Purplebricks said.
The research, which looked at the motivations of UK adults who have sold their home in the last two years, also revealed a third sold their home in order to change their lifestyle, while 42 per cent wanted a completely different type of home, with nearly a quarter (24pc) moving to the countryside or seaside.
With home-working becoming the norm for many, over a third (34pc) also searched for a property with a home office.
Movers have also been looking for more space, as shown by nearly half of sellers (46pc) who looked for a bigger garden in their new home, while 19pc looked for a home with space for an allotment or somewhere they could grow vegetables.
Detached properties were the most sought-after property type, with almost a third (29pc) of sellers choosing to move into detached houses.
Kris Dykes, managing director north for Purplebricks said: “The events of the past 18 months have made many of us consider a change of lifestyle.
“This is one of the factors that has contributed to the highly dynamic, fast-paced property market we have seen in recent months.
“Our research shows that the confidence we’ve seen among those selling their properties has been entirely justified, with highly motivated buyers keen to move quickly and many people looking to achieve a more peaceful lifestyle.”
The study comes after Manchester was named as one of the ‘most in-demand’ places to live in the UK this summer.
And within the Manchester borough, three postcodes in particular were favoured – M40, M19, and M18.
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