Manchester Property Market Forecast For Strong Growth
For many years, Manchester has been recognised for a number of qualities. With a thriving music and cultural scene, world-famous sports scene, and renowned university scene, Manchester stands out as a top UK city. One area in particular in which Manchester is a cut above the rest is with its property market, with the Manchester property market offering plenty of potential for UK investments. Having grown significantly over recent years, Manchester property market forecast predictions show that the success of investments in the city is set to continue throughout 2020 and beyond. In this investment guide, we explore current market trends, taking a look at the ways that the property market in Manchester will continue to grow, and why now is the perfect time to consider making an investment in this top UK city. Keep reading to find out more.
Population Growth Boosting Rental Demand
One element of the Manchester property market which stands out to investors compared to other cities in the UK is its rental market. Manchester attracts high levels of demand from a range of tenants, particularly young professionals and students. When it comes to property investment, rental demand from these type of tenants is key. By investing in an area with a lot of demand from young professionals and students, investors can benefit from some of the strongest rental returns and ensure they don’t encounter any void periods where their property goes without a tenant.
Manchester property market forecast predictions reveal that throughout 2020 and beyond, the city’s rental market is set to flourish even further. Since 2017, there has been a noticeable trend of people choosing to move to Manchester, often leaving behind other UK cities like London. Research by Buy Association states that in Summer 2019, Manchester saw a rise of 117% in the number of people moving to Manchester when compared to the previous year. By 2025, Manchester’s population is expected to reach more than 635,000 according to a report by Manchester City Council. With the city’s population standing at around 534,745 in 2018, these predictions show that the Manchester property market is forecast for a significant boost in rental demand, encouraging investment even further.
So why are Manchester’s population and rental market growing so rapidly? Manchester has always stood out for its business scene, being home to some major UK companies, many of which reside in Salford’s MediaCityUK. With more and more business opportunities expected to open up in Greater Manchester introducing plenty more office space and delivering around 15,500 jobs, larger amounts of young professionals are being drawn to the city, which will inevitably drive demand further.
When you look at statistics on Manchester’s population and job market growth, it becomes even more clear why this Northern gem is the UK’s fastest-growing city. The number of people living in Manchester reportedly grew by 149% from 2002 to 2015, while between 1998 and 2015, employment opportunities grew by 84%. If you’re thinking of investing in the property market, Manchester is definitely a great choice for 2020 and the coming years.
Strong House Price Growth with Manchester Property Prices
The property market in Manchester is experiencing a high level of capital growth. On many occasions, the Manchester property market has been highlighted for its house price growth when compared to UK property in other areas such as London. At the end of 2018, Manchester house prices were found to have grown at a faster rate than any other UK city. In 2019, the North West, home to Manchester and Liverpool, saw some of the most significant capital growth, with predictions that the region will continue to grow by 24% by the time we reach 2024.
With Manchester property prices rising so rapidly, investors would be smart to snap up opportunities in the Manchester property market as soon as possible. This way, it’s possible to take advantage of the current affordable prices on offer while benefiting from maximum capital growth over time. By investing in off-plan property in Manchester, this potential growth becomes even higher. Off-plan properties come with the added advantage of below-market prices, allowing the chance to invest in the property market in Manchester at a lower cost than usual. According to data from Zoopla, the average price for a property in Manchester stands at around £230,547. With off-plan investments like our Salford Quays property, Bridgewater Wharf, prices start from just £134,950. On top of these affordable rates, off-plan Manchester properties also come with the possibility of heightened growth due to the fact that by the time the property is complete and ready for tenancy, it could have already increased in value.
Invest in the Property Market Manchester with RWinvest
If you’re interested in making an investment of your own in the Manchester property market, be sure to take a look at our available new build Manchester property investment opportunities. We select only the most high-quality developments in the top Manchester postcodes such as Manchesters city centre and Salford Quays to make sure our clients get the most out of their investment. For high returns and significant growth in one of the UK’s most promising investment cities, get in touch today, and we can help you find the ideal Manchester property. For more news articles on the UK housing market and the current property hotspots in the UK, be sure to check out our buy to let property news section.