World famous in all aspects, Manchester is very much a location that rivals London and its northern neighbours.
A city steeped in culture from its world famous music scene to its bitter footballing rivalry, Manchester has already established itself a major economic powerhouse in the UK.
With two universities and the likes of Adidas and the BBC working out of the city, Manchester has no shortage of potential tenants looking to make their home there.
As the world’s first industrialized city, the city’s deeply ingrained industrial heritage is still seen to this day.
Its diverse and vibrant community makes Manchester one of the most exciting places in the UK, establishing itself as one of the leading areas for development and creativity.
With this pioneering attitude and urge to constantly move forward, Manchester is now the second largest city in the UK and the deemed the 35th most liveable city in the world.
Its popularity can be attributed to the lower-than-average house prices combined with a standard of living that still meets good standards. Investors have taken a particular interest in the city with Manchester having high rental yields along with positive capital appreciation projections.
While London’s house prices are sky high making investment near impossible for your average investor and appreciation growing at a minute rate, investors are looking to the north. Manchester’s residential property sales grew by over half during the first half of 2018. With this growth, house prices are also forecast to rise by 22.8% by 2020 and there are extensive plans to expand the city’s already vast public transport system.
To accommodate the increased interest in the city, over 50,0000 new properties are to be constructed by 2027 to meet demand. Much of this interest comes from foreign investment. Sheikh Mansour bin Zayed Nahyan invested a cool £1 billion into the regeneration of the city while January 2018 saw a 256% increase in Chinese interest in the area in comparison to the year before.
Manchester sees a high rate of student retention in the area with a 51.5% retention rate. With a growing economy and multiple career opportunities, students see the city as an excellent area to return for jobs. This is great news for investors in a time where young professionals prefer the flexibility of rented accommodation in city centres as opposed to the traditional mortgage and owning property approach.
Figures in Manchester are sure to get any investor excited. With increased interest resulting in higher and higher house prices, there is no time like the present to invest in this great English metropolis.