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Why Manchester Is One of the Youngest Cities in the UK
With the average age of people in Manchester standing at 33.1 years old back in 2016, the city has been named one of the UK’s youngest places. Manchester was named the youngest UK city outside of London back in 2017, bringing in more and more interest from young professionals and students throughout recent years. But why does Manchester have such a large population of young people, and what does this mean for those interested in investing in Manchester?
One-quarter of Manchester’s entire population was reported to be between the ages of 20 and 29 according to population figures released in 2014. With an average age of 33.4 in 2010 falling to 33.1 by 2016, it’s clear that the numbers of young people are growing year by year.
Part of the reason why Manchester is so popular with young people is the wide range of business opportunities available. Of all the residents that moved to Manchester’s city centre from 2001 to 2011,almost 60% had a professional degree. MediaCityUK is a major driving force behind the business scene of the city. Located in a former wasteland of Manchester’s docks, the area is home to offices for huge brands like the BBC, Kelloggs, and ITV.
A large amount of Manchester young professionals is likely to consist of people that moved to the city from other UK areas such as London. New figures released this year revealed that record numbers ofLondoners were leaving the English capital and heading up North, and it’s not hard to see why. Northern cities like Manchester are renowned for their affordability compared to cities down South, with everything from the cost of shopping to property costs being significantly lower.
When it comes to property, it’s evident that the most popular type of housing among young professionals is those based in the city centre. During the time that Manchester’s young population experienced rapid growth from 2001 to 2011, the number of city centre residents grew by 83% and had an overall increase of 20,000. Young professionals are less inclined to buy homes, preferring the flexibility and freedom of renting. Renting a property such as a city centre apartment gives young people the chance to live close by to their workplace and all the city’s attractions and amenities.
Apartments with a more high-quality and luxury edge are amongst some of the most popular types of property for young professionals.Manchester investment opportunitiesat RW Invest include luxury apartments like Caxton Hall apartments located in Manchester city centre, with impressive guaranteed rental yields of 9% for two years.
But it isn’t just young professionals that are contributing to the high levels of Manchester’s young people. The student population in Manchester is one of the largest in the UK, with around 85,000 students studying in the cities prestigious institutions. Much like the appeal for those moving from London to work in Manchester, there are plenty of benefits to living in Manchester vs London. The cost of living in Manchester for students is a lot lower than it would be in other UK cities. Not only that, but Manchester has everything a student needs in a city, with a lively nightlife, rich culture, and fantastic shopping and attractions.
International students make up a large portion of Manchester’s student numbers, with the University of Manchester welcoming around 5,135 students, the UK’s largest number, back in 2016. Since a large percentage of overseas students are from more affluent backgrounds, the demand for high-quality purpose-built student accommodation is at an all-time high. Today’s students are spending more to rent accommodation that’s a cut above the rest, refusing to settle for the dingy university halls and shared housing that once dominated the student property market. It is for this reason that student accommodation investment opportunities now include a big focus on more private luxury apartments that are fully furnished and equipped with things like high-speed Wi-Fi and round the clock security and maintenance.
From the heightened young population to the world-class universities, those looking to invest in student accommodation should consider Manchester. Not only that, but the affordability of Manchester is a big reason that the city has made a name for itself as a UK investment hotspot. House prices come to an average of £491,200 in London — a figure that’s over three times as much as Manchester’s £158,800 average.
Both Manchester student investment and Manchester residential property investment is a great decision for investors looking to make their next venture. When you invest in Manchester property, you’ll access the potential for plenty of financial growth, with rental yields having reached figures as high as 10.1% — the fifth highest in the country.
Aside from offering attractive rental yields, Manchester is also a city with lots of potential for capital growth. The city has played a big role in the economic growthof the UK ever since the industrial revolution and continues to improve to this day. New developments such as those under the Northern Powerhouse initiative are doing big things for Manchester, massively improving the economy and day to day life for those living in Manchester. Plans under this initiative include Northern Powerhouse Rail, which aims to improve connectivity between key Northern cities such as Manchester and Liverpool. Manchester young professionals will be sure to benefit from this, as will those from other Northern cities that need a hassle-free way to travel for professional networking in Manchester.
Manchester’s Northern neighbour, Liverpool, has become just as popular as a property investment hotspot in recent years. Liverpool also has a high population of students and young professionals, along with offering fantastic rental yields. Our Hamilton Hub property, for instance, is the lowest priced property investment in the UK, priced from as low as £45,450 with an 8% net rental return.
Whether you’re keen to invest in student accommodation or looking to invest in city-centre based buy to let to appeal to young professionals, Manchester and Liverpool are some of the best cities to do so. Want to get involved with investment in Manchester? Then make sure you take a look at our latest Manchester investment opportunities and contact us so that one of our property experts can advise you on the best route to take.