The Impact of Manchester Regeneration on the UK

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    Manchester is a city that’s experienced a high level of regeneration over the years. Investment in Manchester has meant that the city now stands as a beacon in the North West, attracting major businesses and residents alike, and producing the second-largest regional economy in the UK. This wasn’t always the case, however. The city of Manchester suffered heavily from post-industrial decline in the neglected North. In the 10 years leading up to 1981, Manchester fell victim to an unprecedented loss of almost 50,000 full-time jobs, and ultimately, 17.5% of the city’s population.

    During these challenging times, the divide between the North and the South became the most noticeable, with London performing at a far higher level than cities up North could even imagine. Fast forward to today, however, and the urban regeneration Manchester has experienced has had a significant impact on both the city and the UK. If you want to learn more about Manchester’s urban regeneration, and regeneration projects in Manchester, this is the guide for you. Here we will talk about past and present Manchester regeneration, and the impact it has had on the city and the UK.

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    The City of Manchester and Its Growing Northern Influence

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    Manchester Has Become a UK Property Hotspot

    The city of Manchester has been transformed throughout the decades into a major economic force. It is home to some of the finest universities in the world, like the University of Manchester, which has one of the best graduate retention rates in the country at 51%. The city also has one of the largest student populations in all of Europe, highlighting that it is an attractive city to overseas students.

    Manchester has experienced huge growth thanks to mammoth Manchester regeneration. There have been colossal Manchester regeneration projects that have completely transformed the city. The projects have been so impactful that they have also changed Manchester property investment and property investment in the UK as a whole. Out of all the cities in the UK, few have been so transformed like this. It is now an attractive city to overseas investors and is a unique and vibrant hub filled with retail and leisure spaces. The people of Manchester now have tonnes of arts venues, food spots, and other leisure activities thanks to the significant regeneration here.

    As a result of the population increasing, and the business scene growing, the city has become a property investment hotspot and an ideal  place to invest in buy to let. Manchester has affordability in its favour when it comes to local housing and residential developments, with much lower prices than London. Large numbers of private property developers are creating investment opportunities in the city and catering to high demand levels. Currently, the ratio between property availability and demand sits at 1:5, showing just how massive the need is for UK property and residential developments in the area.

    According to Zoopla, the average property price in Manchester is £240,618 as of January 2021. London, on the other hand, has an average of £903,448. These low prices make property investment in Manchester a very attractive venture, especially since high demand has led rental costs in the region to rise by over 5% in late 2020 compared to 2019.

    Low costs and high rents have led to some of the UK’s highest rental yields, with an average of 5.85%. However, while rental prices are rising, they’re still highly affordable compared to other UK cities, with everything from the cost of rent and council tax being cheaper. According to Zoopla, the average rent in London sits at £2,676, in comparison.

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    Regeneration in Manchester Created a Thriving Business Sector

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    Many start-ups choose to launch in Manchester, with entrepreneurs and companies attracted to the city’s rich culture and ever-expanding nature. Cost is also a big factor. The city is a lot more affordable than London, especially when planning to start a new business. Manchester city council encourages business growth within the city, with schemes available to help launch and improve Manchester start-ups.

    There has been plenty of significant Manchester city-centre regeneration. From the massive Spinningfields project, which has been dubbed the ‘Canary Wharf of the North’ thanks to the addition of high-quality office spaces, to the transformation of Salford with MediaCityUK, the city council has spent billions transforming the city into a thriving economic power.

    MediaCityUK, a massive multi-billion-pound project in Salford, has helped attract some of the country’s biggest media companies. Organisations like the BBC and Granada studios have all opened major operations in the area, with commercial rental costs in the capital becoming too sizeable. This development project has undoubtedly spurred on regeneration in the city and is a perfect example of regeneration in the neglected parts of Manchester.

    Manchester city centre regeneration has done a great deal for the business scene in Manchester. The prior mentioned Canary Wharf of the North essentially added an entirely new area to the city centre. Costing around £1.5 billion, Spinningfields sits in the heart of Manchester and has created a world-class business sector to Manchester’s repertoire through the addition of high-grade office spaces. This sector is so big that Manchester is ranked in the top 10 global emerging ecosystems for start-ups.

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    Urban Regeneration in the Heart of Manchester

    Urban regeneration in Manchester city centre and regeneration in the neglected parts of the city has completely transformed residents’ lives. There are several examples of a Manchester regeneration case study. One such example is Hulme, an inner urban area located in the South of the city centre. The location was hit hard by the post-industrial fallout, and regeneration work started in the 1960s by introducing new council homes to give a new lease of life. However, the project was deemed a complete disaster and, by 1991, the area was set to be demolished.

    Thankfully though, a second wave of regeneration struck the area in 1992. Since then, Hulme Manchester regeneration has introduced a £140m campus for Manchester Metropolitan University, new community centres, a bridge, and a redeveloped high street amongst others.

    Many areas in Manchester have been transformed since experiencing severe deprivation. Another example of a Manchester regeneration case study is East Manchester. The place was a home for many traditional manufacturing industries like coal and steel. But after these industries faltered, and severe recessions occurring in the 1970s and 1980s, East Manchester was completely decimated economically. It was an incredible task to see this area be regenerated. The local council helped establish the New East Manchester Urban Regeneration Company in the early 2000s to lead this regeneration process.

    After Manchester’s Commonwealth Games in 2002, which acted as a catalyst that spurred regeneration and saw a £100 million investment in sports facilities in the area,  East Manchester regeneration began to take shape. The local council outlined a master plan for how the site will be transformed, with several examples of an East Manchester regeneration scheme to help the area thrive.

    Since then, the East Manchester regeneration scheme has been an enormous success, and the area has been transformed. From the construction of thousands of new homes, affordable housing, a business park, new public transport links, and more, East Manchester regeneration has been incredible. Work continues today still, with new East Manchester regeneration including the introduction of new affordable housing and social housing.

    From Hulme Manchester regeneration to East Manchester regeneration and the work of the New East Manchester Urban Regeneration Company, the city’s regeneration projects have been incredibly successful and have helped to transform the city from the ground up. Manchester City Council has clearly done admirable work in helping create the economic powerhouse we know today.

     

    Manchester Regeneration Helping Population Increase

    Manchester had a recorded population of 534,475 in 2018, while the Greater Manchester area has a population of 2.5 million people. The population of the city has been steadily increasing, with a growth of 95,144 since 2015. New predictions suggest that the city’s population will grow even more significantly by 2034, rising over 10%.

    Part of the reason for this increase comes from the shift in people choosing to move to Manchester from London. News outlets have reported that record numbers of Londoners have been moving to the North West city as of late, exceeding the number of people moving to London from Manchester.

    In fact, the Guardian has reported that 13% of those leaving London are choosing to move up North. For comparison, this figure was only 1% in 2009. This shows the overall effect that regeneration has had, with Manchester and the rest of the North becoming more of an appealing place to live and work.

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    London Falling Behind After Significant Regeneration in Manchester

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    House price growth is another reason why so many people consider investing in this city’s buy to let market. Property prices in Manchester and the North West are rising faster than any other UK location, with predictions for the region to see house prices grow by over 27.3% by 2024. This is almost 7% higher than the national average of 20.4%.

    While Manchester redevelopment is helping the city thrive regarding its property investment market, London’s investment market is underperforming. London property prices are increasing beyond affordability and have a slower growth rate than the North West, with a predicted 12.7% increase by 2024.

    Equally, high rental costs are decreasing in the capital. While still 90% higher than the UK average, rent prices had fallen by 3.7% in late 2020 compared to 2019, according to Homelet. These high house prices and reducing rental costs are a recipe for disaster regarding rental yield, with the capital sporting low rental yields of around 3%, with some areas as low as 2%. On the other hand, Manchester has a current average of just under 6%, according to Zoopla’s latest figures. It’s clear that Manchester property is a far more enticing prospect than London property, and the idea of a neglected North is no longer the case. Manchester is now one of the hottest prospects for overseas investors and is one of the best cities in the UK to live in.

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    Regeneration Manchester Creating a Bright Future

    All in all, the result of Manchester redevelopment has meant that this divide between the North and the South has shifted in a new direction. No longer is Manchester deemed an inferior city compared to London. In fact, report after report says that this city is gaining more appeal than the capital. Manchester was voted the best UK city to live in by the Global Liveability Survey 2020. This is undoubtedly thanks to the vast Manchester regeneration projects gracing the city.

    Urban regeneration in Manchester isn’t set to end any time soon, with several massive Manchester redevelopment projects in the pipeline. One example of some further regeneration Manchester can expect is the £1 billion scheme, St Johns.

    St Johns Manchester is a city centre project that has been planned for a while, which will see the creation of numerous new jobs. Plans for the St Johns Manchester redevelopment scheme include building social housing, investment properties, and greater attractions for residents.

    Another of the most highly anticipated regeneration schemes planned for the city is the HS2 development project. Once estimated to cost around £40 billion, the HS2 expansion is now predicted to cost £106bn and will take 20 years to complete. This Manchester regeneration scheme is set to introduce a high-speed rail line linking Manchester to London, Leeds, and Birmingham. To put the increased speed into perspective, HS2 Manchester airport services will allow people to reach Manchester airport from London in around 63 minutes, compared to the current time of 144 minutes. It will undoubtedly prove to be an incredible development project.

    Whether you’re looking for Salford, Deansgate, Hulme Manchester regeneration or East Manchester regeneration, many parts of the city are undergoing extensive redevelopment. Pair this with the robust house price growth predictions and ever-growing business prospects, and it’s clear that this city will continue to have a significant impact on the UK for many more years to come.

    Some of the biggest Manchester Redevelopment Projects

    Manchester regeneration projects, both old and new, have had a lot to do with this thriving city’s current status as a unique and vibrant hub of retail and leisure. Here are some of the most notable regeneration projects in Manchester and Salford over the years that play a big part in Manchester’s economic growth.

    In 1996, Manchester was affected by an IRA bombing that destroyed parts of the city centre and caused £250 million worth of physical damage, affecting many local people’s jobs. This was when news of the Manchester Millennium Ltd project was introduced, a regeneration strategy with a master plan to build new office spaces, social housing, and improved transport to boost city centre attraction and encourage funding to rebuild Manchester’s economic status. This project acted as a catalyst that spurred on regeneration and played a big part in the future of Manchester. With the help of property developers and funding, this project formed the thriving North West city we have today and spurred on regeneration for the decades to follow.

    Launching in 2010, NOMA is a city centre project in Manchester that has played a big part in Manchester city centre regeneration. This £800 million central Manchester development project is the largest in the North West. It focuses on developing the north portion of the city centre. Redevelopment has already begun. Some parts of the project have already completed, such as the first phase of the scheme, One Angel Square.

    Based in Salford, MediaCityUK is one of the most major Manchester redevelopment projects the city has seen. Built on the once run-down docklands site, the MediaCityUK development is a hotspot for business, housing, and investment. Launching in 2007, the MediaCityUK regeneration strategy has played a big part in making Manchester the city it is today. A multitude of businesses reside in MediaCityUK and provide plenty of jobs for residents. This includes some big names like ITV granada studios, Kelloggs, Ericsson, and BBC. MediaCityUK is also a prime spot for social infrastructure. The University of Salford is located in the area and readily available for business school students to utilise. In 2016, a £1 billion plan was announced to double the size of MediaCityUK with ‘phase two’ of the scheme. The Manchester development continues to thrive and attract mega businesses.

    April 2019 marked the completion of the first phase of Manchester airports redevelopment, Pier One. The £1 billion airport redevelopment allows passengers flying from Manchester airport to be welcomed into a new pier, connected to terminal 2. Pier One focuses on developing providing panoramic views of the airfield and is the most significant investment Manchester airport has made in 80 years.

    Manchester Millenium

    In 1996, Manchester was affected by an IRA bombing that destroyed parts of the city centre and caused £250 million worth of physical damage, affecting many local people’s jobs. This was when news of the Manchester Millennium Ltd project was introduced, a regeneration strategy with a master plan to build new office spaces, social housing, and improved transport to boost city centre attraction and encourage funding to rebuild Manchester’s economic status. This project acted as a catalyst that spurred on regeneration and played a big part in the future of Manchester. With the help of property developers and funding, this project formed the thriving North West city we have today and spurred on regeneration for the decades to follow.

    NOMA

    Launching in 2010, NOMA is a city centre project in Manchester that has played a big part in Manchester city centre regeneration. This £800 million central Manchester development project is the largest in the North West. It focuses on developing the north portion of the city centre. Redevelopment has already begun. Some parts of the project have already completed, such as the first phase of the scheme, One Angel Square.

    MediaCityUK

    Based in Salford, MediaCityUK is one of the most major Manchester redevelopment projects the city has seen. Built on the once run-down docklands site, the MediaCityUK development is a hotspot for business, housing, and investment. Launching in 2007, the MediaCityUK regeneration strategy has played a big part in making Manchester the city it is today. A multitude of businesses reside in MediaCityUK and provide plenty of jobs for residents. This includes some big names like ITV granada studios, Kelloggs, Ericsson, and BBC. MediaCityUK is also a prime spot for social infrastructure. The University of Salford is located in the area and readily available for business school students to utilise. In 2016, a £1 billion plan was announced to double the size of MediaCityUK with ‘phase two’ of the scheme. The Manchester development continues to thrive and attract mega businesses.

    Manchester Airport Redevelopment

    April 2019 marked the completion of the first phase of Manchester airports redevelopment, Pier One. The £1 billion airport redevelopment allows passengers flying from Manchester airport to be welcomed into a new pier, connected to terminal 2. Pier One focuses on developing providing panoramic views of the airfield and is the most significant investment Manchester airport has made in 80 years.

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    The regeneration of Manchester has been incredibly successful over the last few decades and it has helped create a thriving property market. The people of Manchester have seen their city transformed, and institutions like the University of Manchester continue to make Manchester an attractive city for overseas investors. This interest has made the city an incredibly ideal place for investing in property.

    If you are interested in the Manchester property market and want to explore the latest residential property and student properties in Manchester and Salford, contact our expert sales team today to learn more.

    We are RWinvest, an award-winning property investment company with 16 years’ experience in buy to let residential property and student properties. With properties like Merchant’s Wharf, a gorgeous set of waterfront apartments in Salford, which is 55% below market value, you can be sure you are getting the finest options on the market. Buying property in Manchester has never been easier too, with plenty of options to match your price point.

    We also offer excellent in-depth guides about the regeneration of Manchester. Be sure to download your free investment guide and contact our teams today to find out more about investment property.

    Invest With £69k

    Merchant’s Wharf Duplexes

    Prices from £429,950

    Manchester Prices from £429,950

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    In-demand Manchester location

    Off-Market Property
    Manchester Prices from £200,000

    5% Projected Rental Return

    £15k Price Increase Looming

    Desirable Manchester Location

    Embankment Exchange

    80% Units Sold

    Manchester Prices from £225,950

    6% Projected Rental Returns

    Up to 34% Below Local Comparable

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