Manchester attracts young professionals in their droves and increasingly, it is these young professionals who are choosing to rent rather than buy. Those are certainly the findings of Ascend Properties, a Manchester-based estate agent, who have reported a 21% increase in the number of enquiries from existing young professional tenants that are looking to climb up the rental ladder rather than put a deposit down and buy a property.
It is the benefits of flexible city centre living that is making young professionals gravitate towards residing in the very heart of the city. When Ascend analysed the enquiries they discovered that 26% wanted to move closer to the inner city centre, 16% wanted a higher floor apartment with better amenities, 51% wanted a larger living space, and 3% were looking for a penthouse apartment with outside space.
With rising house prices and large deposits being a barrier towards buying property, more young professionals are looking to move up the rental ladder. And even those tenants who do have the money to buy are tending to stay where they are, enjoying the flexibility that renting gives them.
For many young professionals, renting fits in with their lifestyle and allows them to have a higher standard of accommodation than if they were buying. Not wanting to be tied down to the long-term commitment of a mortgage, renting is seen as being more convenient. In addition, young professionals tend to be highly focused on their careers and if opportunities arise in another location, renting allows them the flexibility to move without any hassle. On top of that, city centre living allows close proximity to shopping, restaurants, bars, nightlife, gym etc without having to worry about taxis or parking.
Ged McPartlin, sales director for Ascend Properties, said, “There is certainly a recurring theme across the Manchester property market at the moment – those in their twenties typically want to remain in the city while they’re young and fully absorb the vast range of amenities on the doorstep at a much lower price point than if they were paying for a mortgage.”
What we are seeing in Manchester is typical of what’s happening in other major cities in the UK so for investors looking to invest in prime city centre developments, now is a good time to explore your options.