It wasn’t that long ago that people used to frown on living in the city and gravitated towards living in the suburbs and more rural areas. However, this trend has definitely reversed. According to research by the think tank Centre for Cities, the number of people living in cities has increased by 37% between 2001 and 2011. This compares to only an 8% increase in the suburbs.
This staggering increase hasn’t been seen everywhere. It’s largely a trend that has been seen in our larger cities with places like Manchester leading the way. In the 10 years leading up to 2011 Manchester saw its city centre population grow by 20,000, a growth of over 80%. In this time, we have also seen a resurgence of apartment building in the city, with approximately 7,000 new homes being sold over this period.
Much of this growth in population has been perpetuated by young professionals and students. It is estimated that around 60% of the 20,000 people that have moved into Manchester between 2001 and 2011 were under the age of 35 and have a degree.
Over this period, Manchester’s economy has also seen strong growth with jobs in the private sector growing by 44%. Many of these jobs were in knowledge-based roles which tend to be well paid and need qualified staff.
Manchester’s vibrant economy has attracted a number of well qualified young professionals to the city who like to live close to where the work and enjoy all the amenities and attractions that the city has to offer.
With more knowledge-based service jobs forming a significant part of the UK economy, the city centre locations where they prefer to be based is forecast to play a big role in the national economy. It is therefore expected that Manchester will continue to benefit from economic growth and see its city centre population grow further still.
In light of this, the demand for prime city centre residential developments in Manchester has never been stronger and developments such as Oxygen, which is aimed at the city’s thriving young professional market, are set to be snapped up by people wanting high quality accommodation in the city.