Why Young People Are Choosing Manchester in 2023
While so many cities like to claim they’re the place to be for students and young people, Manchester may hold the crown as the UK’s youngest city.
In 2020, the Greater Manchester region had more 25- to 29-year-olds than anywhere in the UK.
In fact, the population of Manchester is so young that the average age is just 33.
Why are so many young people choosing Manchester over the likes of London, Liverpool, Leeds, and Birmingham?
Well, there are four main reasons young people are choosing Manchester in 2023 – all of which, you can read below:
According to Business Insider, 70% of millennials live paycheck to paycheck.
As such, affordability has never been so important for younger people, with living costs rising across the UK.
Thankfully, Manchester is one of the more affordable English cities and offers the benefits of London living without the eye-watering price tag. Research has revealed that North West properties boast the best value rental costs in the UK.
The average house price in London is currently £739,288, while the average price in Manchester is much lower at £252,605.
This means that London prices are 12.3 times the average annual gross salary, while Manchester property is 7.4 times.
Numbeo, the world’s largest cost of living database, has found that consumer prices, including rent, are 31.92% lower than in London, with rent prices alone 54.10% lower than the capital.
2. Job Opportunities
While affordability is great, it would be pointless if you weren’t earning money in the first place.
Luckily for young people moving to Manchester, there are many job opportunities in the city.
Alongside the BBC and ITV located at the bustling MediaCityUK, Boohoo, Amazon, and TalkTalk have all started major operations in Manchester over the last five years.
This is for one good reason:
Manchester has 40% lower operating costs than London.
This has led to a strong increase in employment in the area, with Cushman & Wakefield estimating that there will be 3,100 new jobs every year until 2034 – the majority of which will be high-paying in the city centre.
3. Amazing Quality of Life
When it comes to quality of life, few cities can compete with Manchester.
Armed with famous shops, eclectic nightlife, and more leisure attractions and restaurants than you can shake a stick at, Manchester is the perfect place for students and young people.
Manchester’s lifestyle is so regarded that it was voted the UK’s best place to live by the Global Liveability Survey, which ranked 140 global cities based on health care, education, culture, and infrastructure.
4. Student Haven
The students of today are the young professionals of tomorrow, and Manchester is perhaps the UK’s most iconic student city.
Over 100,000 students call the city home, with a rapidly expanding international student population.
This massive student population has led to a massive undersupply of property, with full-time students outweighing available beds by 3:1.
Most of these students choose to stay and work in the city after graduating, with an average graduate retention rate of over 40%.
What Does a Young Population Mean for Manchester Property Investors?
If you’re considering a Manchester property investment, a rising young population is exciting news.
This is simply because younger people are by far the most common age group for renting, with young professionals widely seen as the perfect tenant.
Naturally, this is great news for landlords, who will get a consistent supply of tenants in their rental properties for the foreseeable future.
Here’s the kicker:
With massive house price growth and rental price growth predicted over the coming years, now may be the perfect time to take the plunge and invest in Manchester in 2023.
Learn More About Manchester With RWinvest
Are you interested in learning more about the city of Manchester?
You’ve come to the right place.
RWinvest is one of the biggest names in property investment, with 18 years of experience in North West property.
You can learn more about this exciting Northern Powerhouse in our in-depth 2023 guide to Manchester property investment.
We even have guides for student investors, with a 2023 guide to student property investment in Manchester.
Alternatively, if you want to find the latest investment opportunities in Manchester, be sure to check out the all-new Embankment Exchange, offering huge 6% returns.