Manchester investment continues to increase causing high levels of growth across the economy. With a huge rise in population, new skyscrapers on the horizon and a rapidly expanding economy, Manchester’s high level of investment looks set to continue. Manchester property growth has experienced rapid acceleration over recent years and Manchester rental returns have followed suit.
Manchester Growth is Breaking Records
Manchester investment is reaching record levels, with a strong economy, booming student sector and the relocation of many businesses from London. Between 2010 and 2016 the Manchester economy grew by 17.6%. The election of a metro mayor has allowed the council to focus investment on future growth. With a clear vision for the next decade and more devolved powers from the government, Manchester growth looks set to continue.
Oxford Economics has forecast the Manchester economy to continue growing by 15% between 2017 and 2024. The popular northern city is attracting skilled workers with great job prospects and a bustling, cosmopolitan city centre. Such high growth levels are shown in its population too, with the city experiencing the highest population growth in the country outside London. From 2002-2015, Manchester’s population increased by 149%. This increase in population is causing a huge rise in demand for residential accommodation.
Manchester Property Growth
New buy to let developments are also providing excellent opportunities for Manchester investment. From schools to apartments to offices, nearly every sector in the Manchester economy has shown considerable growth. Areas that were once far outside the desirable city centre are being regenerated and transformed to provide new places for people to live and work. Developments like West Point and Hollywood which have been sold by RW Invest are perfect examples of highly demanded Manchester property.
Investment in Manchester
The North West investment market hit £1.4 billion for the first half of the year 2018. Record levels of investment mean this is up £250 million compared to the previous year. As part of the Northern Powerhouse plan, Manchester received £1 billion in investment funding from the government. Working alongside the council, there have been huge improvements to infrastructure, commercial space and transport links.
Manchester Property Developments
These investments in Manchester have encouraged a domino effect, with investors flocking to this Northern city. New state of the art facilities are providing homes for some of the UK’s most promising companies. New developments like MediaCityUK, the Factory Arts Centre and numerous skyscrapers are a visible sign of impressive Manchester property growth. These new developments not only provide valuable jobs and opportunities, they also add value to the area.
Manchester property prices have gone up by 24.9% between 2015 and 2018, showing serious capital appreciation. The combination of increased government funding due to the elected mayor alongside private investment has been vital in Manchester’s growth. Manchester property investment is proving lucrative for a wide range of investors from around the world.
What are the Best Property Investment Hotspots in Manchester?
Due to Manchester’s phenomenal growth, the city centre itself is expanding. Areas that were once to be avoided now providing exclusive residential developments. Independent businesses are flourishing in Manchester, with quirky restaurants, cafes and bars appealing to the cities younger residents. Areas like the Northern Quarter, Spinningfields, Salford Quays and Castlefield are being completely transformed.
As well as commercial developments, urban areas and public spaces have been improving too. The move of huge businesses like the BBC and ITV to MediaCityUK has brought even more investment into the city. Plans were announced in 2016 for a £1 billion expansion of Salford Quays. Areas like Spinningfields are popular with the wealthy new Manchester set. It is full of luxurious bars, award-winning restaurants, gyms and beautiful Manchester property.
Due to the rapid expansion of Manchester’s city centre, once unloved areas are being regenerated to provide housing for the cities growing workforce. The area of Ancoats has undergone a true renaissance, with once dilapidated mills turned into luxury apartments. Properties which were in some of the most deprived areas of the UK are being cleared for multi-million pound developments.
City Centre Living
More and more people are looking to live in the central Manchester property. There are now almost 70,000 people living in the centre, compared to 10,000 in 2000. The driving force has been the huge influx of students. Manchester has a very high student retention rate of around 50%. Boutique studio apartments, like those in the beautiful Caxton Hall, are perfect for these young professionals. Many of these recent graduates are getting highly paid, highly skilled jobs. With a decent monthly income, they’re looking for property in Manchester of a higher standard.
Transport links are another huge factor when choosing where to purchase Manchester property. Properties close to a Metrolink tram station are often preferred by commuters. Buses are also used frequently and properties close to Manchester’s train stations are perfect for professionals who commute.
The quirky northern quarter, with its vintage shops, cute cafes and eclectic bars is popular with younger residents. Rents vary greatly there, from £750 to £1400 per calendar month, with landlords making significant yields on their Manchester property investments. The proximity to cultural attractions like the Manchester Art Gallery and popular hangouts, like Affleck’s are key draws for tenants.
Manchester Investment Opportunities
Manchester is now the second largest private rental sector after London. New Manchester residents are looking for high-quality accommodation and property developers are creating new options for the buy to let market.
The huge growth in Manchester rental returns is shown by increased rental prices and high demand for accommodation in the city. It has the highest rental yields in the UK, at 5.55%. It also has the highest rental growth which is 5.76%. This is great news for investors, who have seen an increase in Manchester rental returns. There was also an average house price increase of 4.2% per year for the next five years.
The impressive growth in both Manchester’s economy and property values look set to continue as more people come to the city for its new opportunities. It’s not too late to invest in Manchester property, with amazing properties from RW Invest in key locations. Property investment Manchester is a great sector for growth and offers investors high yields and an impressive return on investment.