Greater Manchester delivered stronger house-price growth, transaction activity and population-adjusted housing supply than London during Andy Burnham’s mayoralty, according to analysis from Benham and Reeves.
The estate agency compared Greater Manchester under Burnham with Greater London during Sadiq Khan’s time as mayor, using house-price, sales and housing-completion data.
Average Greater Manchester property values reportedly increased by 66.6%, from £145,058 when Burnham entered office in May 2017 to £238,730 in April 2026. London prices rose by 8.9%, from £500,467 to £544,814, after Khan took office in May 2016.
The comparison does not establish that either mayor caused the performance. Manchester began with substantially lower prices, while both markets were affected by national taxation, mortgage rates, the pandemic, Brexit and differing land and affordability constraints.
GREATER ACTIVITY
Greater Manchester averaged 1.1 residential transactions per 1,000 residents each month during Burnham’s tenure, compared with 0.8 in London under Khan.
It also delivered an estimated 2.4 homes per 1,000 residents annually, narrowly ahead of London’s 2.2.
Separate evidence illustrates the contrast. Manchester City Council recently reported delivering 4,766 homes during 2025/26, while London has suffered a pronounced development slowdown. The capital’s position is particularly significant because its emerging housing target calls for 88,000 homes annually.
Burnham now faces the considerably greater challenge of translating his regeneration-led approach into national policy. England delivered 208,600 net additional homes in 2024/25, 16% below the 2019/20 peak.
Marc von Grundherr (main picture), Director of Benham and Reeves, says: “London remains the UK’s most important housing market and, despite a decade of Brexit, the pandemic, rising interest rates and wider economic uncertainty, it has continued to provide long-term stability for homeowners and investors.
“However, it is impossible to ignore the momentum achieved across Greater Manchester under Andy Burnham. His record suggests he understands that housing delivery, regeneration and economic growth must work together, and applying that approach nationally could provide a welcome boost to development and investment.”
STAMP DUTY
Von Grundherr says the new government should also address stamp duty, particularly because the tax creates substantially larger bills in high-value markets.
“It is an outdated and fundamentally unfair tax that penalises people simply for moving home, while placing the greatest financial burden on buyers in higher-value markets such as London,” he says.
“A meaningful reduction would remove one of the biggest barriers facing buyers, release pent-up demand and stimulate activity throughout the entire housing chain. Few measures could provide such an immediate and significant boost to the UK property market.”
