The North West has been recognised for its high-performing property market for many years now, and rental prices have played a big part in this.
One of the biggest explanations for why North West rents have risen sharply is a strong mismatch between demand and supply. Major cities like Manchester and Liverpool attract students, young professionals, and relocators who are moving away from the South.
In January, The Times ranked Liverpool as one of the best places to live for under-35s. Many young people are choosing to swap London for Liverpool due to it being not only a great place to live, but also more affordable than other UK areas – most notably London.
Writing about her move back to Liverpool from London, Katie Rosseinsky spoke about why young people are being drawn to the city:
“Liverpool is a city that punches well above its weight in just about every possible category, from culture to food to nights out. Pair that with rents that are still relatively affordable – and its appeal to millennials and Gen Z is glaringly obvious.”
Like Liverpool, Manchester remains a popular spot for young renters. Manchester has one of the youngest age profiles of any major UK city, with the largest share of its residents aged 20–29 according to ONS.
