The north-west region, including major cities Manchester and Liverpool, boasts the best rates of house price growth in the UK. Between July 2017 to July 2018, house prices in the region increased by 5.6 per cent, higher than any other region. This house price growth is predicted to continue by 2022, with a huge 18.1 per cent boom expected. This prediction, along with the extensive regeneration projects set for Manchester, means lots of opportunity for capital growth in this Northern city and gives even more reason to invest in Manchester.
Another reason to consider investing in Manchester off-plan property is the high level of demand for property in the city. The UK, as a whole, is experiencing a big gap between supply and demand when it comes to rental properties. In Manchester, the population of students and young professionals is high, creating a constant demand for rental properties and increasing the appeal of both residential and student property investment in Manchester. This has led to a 5.76 per cent average rental price growth throughout Manchester — a rise which is more noticeable in the city centre, with Bury, Salford, Bolton, Stockport and Trafford following behind.
Is Manchester A Good Place To Invest In Investment Property?
Manchester is a great UK city to live in, offering residents an excellent quality of life. Manchester has been voted ‘the best city to live in the UK’ on numerous occasions, thanks to its strong employment levels, great connectivity to other cities, and improvements in healthcare and education.
With a famous shopping scene, eclectic nightlife, an endless range of leisure attractions and more and more restaurants and bars opening up on a regular basis, this city is one of the UK’s biggest tourist spots, boosting the appeal of Manchester property investment even further.
Floods of people head to the Northern city each year for music events like the Warehouse Project or Parklife Festival, amongst cultural events such as the Manchester International Festival. Manchester’s thriving business scene also regularly attracts high numbers of visitors. Trade shows, exhibitions and conferences are commonly held at Event City and other spots in the Manchester area.
Manchester is constantly evolving, with ongoing regeneration projects transforming the city and pumping millions into the economy. Greater Manchester was allocated around £366 million to support its regional development through the 2014 to 2020 European Structural and Investment Fund programme, helping to grow investment into businesses, education, agriculture, and job opportunities. Thanks to the ever-growing nature of the city, figures show that Manchester is forecast to remain one of the UK’s strongest performing cities by 2021.