According to the latest official figures, Manchester’s population is growing almost 15 times faster than homes are being built.
Only 290 new homes were built in the city in 2015/16, bringing the total number of houses and flats to approximately 218,500. This equates to 0.13% growth between 2015 and 2016. By comparison, the population in Manchester grew by over 10,000 people between mid-2014 and mid-2015 (latest data).
This means that there were more than 530,000 people living in Manchester in 2015 which is a growth of 1.94% compared to 2014.
So, if you do the simple maths, it is clear that Manchester is lagging way behind the increasing number of people living in the city. In fact, the discrepancy between new homes and population is starker in Manchester than most other English cities.
This presents a strong opportunity for buy-to-let investors in Manchester, where not only is there a huge demand for property but also the property can command a high rental premium.