Manchester is the jewel in the crown of the much touted “Northern Powerhouse” and is one of the largest economic areas outside of London with £56 billion gross value added (GVA).
Manchester boasts two internationally renowned football clubs, a world-class orchestra, a film and TV production industry and a rich musical heritage. But, more importantly, it’s become a property investment hotspot in 2017 and 2018 is not looking any different.
For evidence, you only have to look towards the Manchester skyline for a glimpse into the region’s booming property development market and the flurry of regeneration that is taking place.
During the 2007-2013 European Structural Funds programme, Manchester received £136.2m to support its regional development; investing in businesses, job opportunities, education and agriculture. This investment has assisted in seeing the city and its surrounding regions not just improved, but totally transformed.
The technology and digital sectors have greatly evolved over the past few years and with over 80 of the top 100 FTSE companies located here, Manchester now thrives alongside the best tech cities in Europe.
With growing employment opportunities and massive investments in infrastructure, Manchester has become a cosmopolitan city to live in, where affordable property prices, thriving business, world-class leisure facilities and excellent transport links provide a fabulous lifestyle for young professionals and their growing families.
New bars, restaurants, gyms and shops are seemingly opening on a daily basis, drawing thousands of more people into the city centre than ever before.
With property prices in the country’s capital becoming increasingly hard to rationalise, all eyes are on the northern city of Manchester which is currently leading the way in property price growth. According to research compiled by Hometrack, the average house price in Manchester is now £153,600, with the surge in growth at 8.8% compared to a year earlier.
Matthew Jay, managing partner at Alliance Investments, said: “capital growth and rental yields in Greater Manchester will continue on an upward spiral where increasing demand for affordable housing outweighs supply”
The property developer has an impressive line up of prestigious projects in the heart of Manchester’s city center presenting investors and property owners with an opportunity to capitalise on the city’s glistening and fast developing skyline.
With rental yields in excess of 7% per annum in some parts of Manchester, the city has an array of investment options to choose from.
From purpose built student accommodation schemes to luxurious yet affordable residential apartments offering world class amenities, those looking to buy a home in Manchester or invest for long term returns can certainly rely on this city as a safe bet to invest their capital.