Manchester’s unprecedented property boom is undoubtedly creating significant demand in the city’s housing sector, with many first time buyers dipping their toes in water. In January 2017, the number of first time buyers in the UK housing market reached record levels as they accounted for nearly 33% of all housing market activity, up from 25% at the beginning of 2015. Now recent statistics seem to suggest that these new buyers are opting for luxurious and high end property options as compared to medium end ones.
The shift in consumer behavior can be attributed to several factors. For starters, the growth in average rental yields in Manchester has peaked at 8.84% in the past year, leading to substantial interest from investors looking at long term returns. Another factor resulting in more luxurious properties being preferred could be the fact that buyers today have more disposable income than their counterparts a few decades ago.
The Sterling’s 20% devaluation since the EU referendum was bound to attract foreign investors seeking more bang for their buck; and so has been the case with Hong Kong listed CC Land Holdings paying 1.135 billion pounds just last month (May 2017) for the tallest skyscraper in the City of London, which has 46 floors, 56,600 square meters of office space. Hong Kong’s institutional and private investors already own an astonishing 12 percent of retail space in the West End, London’s most upmarket commercial district.
With the increased emphasis on lavish properties, housing and property companies are looking to capitalize on the gold rush to cater to the needs of the buyers. A large number of premium building projects set to literally change the face of Manchester are cropping up all across the city, with the promise of a luxurious living experience.
One of the most anticipated projects aimed at Manchester’s luxury property market comes from the Property Alliance Group in the form of ‘Manhattan’. Manhattan, derives its inspiration from New York luxury, and is located in the heart of the city, just off New York Street sitting at the entrance to Chinatown. The ultra-premium development consists of 42 one and two bedroom apartments with rich interiors, a full concierge and a multi-level garden wall housing each apartment’s private terrace. Living at Manhattan is all about the experience, as the exquisite contemporary and industrial architecture is a nod to New York loft style elegance. On leaving Manhattan, residents can step out straight into the second largest Chinatown in the UK, with the business district, a cultural quarter and the Piccadilly travel hub accessible within a five minute walk.
Alliance Investments, a subsidiary of the Property Alliance Group says Manchester’s vibrant culture, thriving student population, buzzing nightlife and distinctive arts and music scene, fueled by a world-famous cultural heritage make it the epitome of the big city experience. Coupled with the sprawling extravagance of Manhattan, this experience reaches its peak.
Ronald Garrett, Director of Sales at Alliance Investments said “There has been a shift in buyer behavior in recent times, with the majority of buyers preferring premium or high end property developments. Manchester has attracted an enviable amount of investment from a growing number of high net worth individuals, and Manhattan is our answer to all those who want to make this beautiful city their home. Manhattan is refined luxury for those who like the finer things in life and we are very proud of this upcoming and magnificent addition to Manchester’s growing skyline. “
If you’re interested in knowing more about the ‘Manhattan’ development project, booking and contact details, please visit http://manhattanmanchester.com/ or log onto www.alliance-investments.com for more details.