Demand for New Builds in Manchester from Students and Young Professionals
New builds are often one of the best property investment opportunities to take up, thanks to excellent affordability and high returns. This is especially true when it comes to Manchester.
Emerging as the North of England’s cultural and entertainment hub, many tech companies are now relocating to this bustling city, boosting the economy and skyrocketing its population by 26%, with employment forecasted to increase by a further 4.3% over the next five years. Because of the city’s booming business scene, many young professionals and graduates are choosing to live and work in Manchester, boosting the demand for new builds in Manchester.
A steady continuum of young professionals are seeking new build Manchester opportunities located in an urban environment – the city centre. Boosted by the Northern Powerhouse initiative, connectivity across Manchester is exceeding all expectations.
For investors seeking a lucrative new build opportunity in Manchester, it is the student population that remains a key driving force behind the city. Spread across four universities is a student population in excess of 85,000, a vital component when it comes to buy-to-let Manchester new builds. The rapidly transforming city has the highest retention rate of students after London, with an immense figure of 50% choosing to remain in the city after they graduate. Similarly, 6 in 10 Manchester-born students who move away to study return to their home turf of Manchester upon completion.
High Growth from the New Builds Manchester Offers
Manchester has seen the fastest growth in England and Wales, surpassing that of London, with its population increasing by a total of 149% and a job growth of 84% over a 13-year period. Those wondering, ‘do new builds increase in value over time?‘ should keep in mind that Manchester new build investment offers one of the best prospects for capital growth.
New build properties are developed to be in keeping with this progressively saturated market. House price growth in Manchester is among the highest in the country, with an expected rise of 20.2% by 2028 for property prices in the North West region.
The opportunities for new builds Manchester offers are increasing in popularity due to a competitive off-plan price, making this a more prosperous and modern strategy for individuals hoping to secure a prosperous investment thanks to high capital appreciation – even before the completion date. Over the duration of owning a new build in Manchester, investors can start to see a stable increase in value on the property before the unit is even tenanted.