For many people situated around the globe, when we hear Manchester, we immediately think of Manchester City and Manchester United, the cities two great football clubs. While both have been dominant forces in the football and commercial world in recent years, there is much more to Manchester than just football.
For example, do you know that from 2018 to 2021, the employment rate in Manchester will grow by 1.2%? That’s amongst the highest rate in England. Manchester’s strong economic performance is reflected by a Gross Value Added (GVA) percentage of 2.2%, the second highest in England. In addition to this, Manchester has been consistently voted on of the best UK cities to live and work in, for the past several years.
For property investors, this presents a not-to-be-missed opportunity to capitalize on Manchester’s immense progression.
Several major corporations have set up headquarters in Manchester in the last decade. In 2011, BBC moved a large proportion of its radio, TV and sporting operations to Manchester. In response, rivals ITV built a new state-of-the-art complex close by. In other industries, you can find one of the UK’s most distinctive FMCG brands, Kellogg’s, situated in Manchester’s Media City. More recently, TalkTalk have moved their HQ from London to Salford, Manchester. Other mega-corporations like Google, Amazon, GCHQ and Bupa have major parts of their core business situated within the city.
This influx of renowned enterprises has naturally led to a greater concentration of employees in Manchester. In the last 3 years, the population in Manchester has jumped by 6% to approximately 572,000 today.
This is largely due to students who remain in Manchester after graduation, instead of seeking employment opportunities elsewhere, proving Manchester to be a desirable location. And why look for work elsewhere when there are plenty of attractive openings at your doorstep?
Fueled by a young and driven workforce, Manchester’s fast economic growth is set to continue on this exponential upward trajectory.
How Does This Relate to Property?
It’s simple. More jobs = more employees = a greater need for homes, both short and long term.
To accommodate for the young and dynamic workforce spilling into the area, rental demand for property in Manchester is predicted to will shoot through the roof. Property in high yield areas like Trafford Park are particularly attractive due to its strategic location, close to the hub that is Media City and the Trafford Centre, a well-known shopping destination.
According to LonRes reports in March 2020, achieved property prices in Manchester increased by 2.5% year-on-year and are now 26.5% higher than they were five years ago.
As Manchester continues its revolution into one of the world’s leading commercial, education, tourism, sporting, tech and industrial hubs – property investors who secure investments soon will clearly benefit.
Interested to Invest?
For savvy investors, Manchester is too good of an opportunity to pass up on. If you’re keen to join this property revolution before all the best properties are taken, contact us today to find out all you need to know about investing in Manchester.