Manchester has always been a property hotspot for various reasons. It’s a great place to live, work, and play. The rapid pace of development projects in Manchester right now suggest that it continues to woo investors, businesses and working professionals alike.
If you are considering property investment in Manchester, then it should certainly be high on your list of locations.
Manchester property investment – Here’s why:
Economy
Manchester is thriving economically. According to invest in Manchester, ten boroughs of Greater Manchester when combined, make the largest city economy outside of London. This has an approximate gross value added (GVA) of £62.8bn. Manchester’s economy is developing at a rapid pace and is not expected to slow down any time soon. In fact, future projections forecast that the GVA will grow further by 45% by 2036.
A hotbed for retail and leisure
Manchester boasts some of the finest retail and leisure experiences in the UK. Starting from the celebrated Trafford Centre, the Arndale, to Exchange Square and Market Street. Manchester has so much to offer. Not to mention the fabulous boutique shopping districts all around.
It’s a popular cultural centre too. With more than 30 museums and galleries, there’s a lot that you can do on an idle day. But perhaps the best thing about Manchester is its proximity to the rural areas. It’s so easy to get away for a day in the fresh air and soak up the beautiful, pastoral scenes.
It’s home to two of Europe’s top football teams (Manchester United and Manchester City), whereas Old Trafford is the home ground for Lancashire Cricket Club.
Global business destination
Manchester is a global destination for business, leading in several sectors like advanced manufacturing, financial and business services, healthcare and life sciences to name a few. Recently, the digital and creative sector has also seen a boom in Manchester. Overall the total worth of these businesses amounts to £4bn annually.
Obviously, this has led to tremendous job growth and the UK Regional Economic Forecast predicts better growth and opportunities in the future.
Housing
Manchester is one of the UK’s top housing markets with house prices growing steadily, more than anywhere else in the UK. In fact, it has consistently beat the national average. But will the property boom continue?
Reports suggest that house prices will continue to grow and so will rent rates. Manchester is expected to see price rises up to 30% in the next four years.
Manchester is a stand out buy to let market with potential for high capital appreciation and low void periods.
Connectivity
Manchester is a highly connected city and the connectivity is only going to improve with new projects like the HS2 rail line that cuts travel time even further. Which means Manchester will only be an hour away from the capital.
Transport is never a problem as Manchester enjoys regular bus services, rail and Metrolink services. With Manchester Airport being the North’s only major international gateway, it’s ideal for international investors too.
Regeneration and development projects
Manchester is in the epicentre of the Northern Powerhouse and a hub for development and regeneration projects. Some of the key projects include:
Regeneration:
- NOMA
- St John’s Quarter
- Middlewood Locks
- Greengate
- Ancoats
- Kampus
New Development:
- The Manchester Enterprise Zone
- The Corridor (UK’s largest academic campus)
- Spinningfields
- Manchester Science Park
High population growth
Manchester’s city population continues to grow at a fast rate. In the past few years alone, it has grown by almost 6%. This is three times the national average. With easy access to education, job opportunities and transport, the region will continue to attract more people – leading to a demand for Manchester properties.
Manchester is truly one of the most exciting places in the UK today, It’s also considered the UK’s best rental hotspot making Manchester an ideal choice for property investment.