It’s hard to believe that in the 1980s less than 1,000 people lived in the centre of Manchester. That figure is now in excess of 15,000. Other major UK cities such as Birmingham, Liverpool, Leeds, Sheffield, Nottingham and Glasgow have also seen rapid growth in city centre living over this period.
So what’s behind this resurgence?
Young professionals and the growth in student populations has been a significant factor in this increase. Generally, city centre residents tend to be younger, with two-thirds of the population being aged 18-34. They are also more likely to be single and more diverse than the rest of the UK population.
The buzz of city centre living and convenience are the main attractions for city centre residents. Being close to restaurants, nightlife and work are all key drivers and for students, it’s very much about proximity to their university and having all the amenities nearby.
City centres are fast becoming one of the most dynamic parts of our urban economies. Whilst 55% of the population of England and Wales live in a suburb, city centres have by far seen the fastest growth in the last decade, growing by 37%.
City centres are driving economic performance across Britain’s urban landscape and city centre properties are highly sought after as prime investment opportunities.
To find out more about investing in city centre properties and the potential yields that are achievable, please contact us now.