With the saturation and sheer expense of the London property investment market, investors are increasingly looking north to expand their property portfolios, especially in cities such as Manchester. Recent forecasts predict that the prices for residential property in Manchester will rise by over 22% in the next three years so if you’re thinking about investing in the city, now would be a good time to act.
A number of factors are driving property investment in Manchester. These include government investment, private sector activity and consumer demand. Let’s look at government investment first of all.
When an area receives government endorsement and investment it’s not surprising that property investors start to sit up and take notice. The commitment to build a Northern Powerhouse, with Manchester as its centrepiece, together with the plans to give the city its own directly-elected mayor, as caught the attention of property investors who fully expect to see a knock-on effect in the property market.
With an estimated £7 billion being pumped into the Northern Powerhouse project and plans to significantly improve the transport infrastructure, especially with the game-changing HS2 development, investors can see a long-term future in Manchester.
On the private sector front, Manchester has made great strides in areas such as finance, technology, media and research. With major employers such as the BBC, RBS, KPMG, Deloitte and The Co-operative Group having a key presence in the city, Manchester can boast over 60 FTSE 100 companies having a base in the city. This raises confidence in the city and attracts further investors.
As far as consumer demand is concerned, the influx of top companies has attracted more young professionals into the city. This, coupled with one of the largest student populations in Europe, has created a huge demand for student property and residential property in the heart of the city. It is estimated that around 30% of homes in Manchester are rented and landlords in the city benefit from both a large student and young professional market.
So there you have it, Manchester is proving to be a magnet for property investment and it doesn’t show any signs of slowing down. Invest now and make the most of one of the most vibrant property investment markets in Europe.