Manchester continues to stand as the leading city in the UK to attract property investment from around the globe. It’s growing number of striking high-rise developments is a testament to its long-term strength and ambitions. The local council have utilised a real ground-breaking approach to regenerating a city, which has seen some of the most deprived areas garner a new lease of life.
The city has become a beacon for younger people looking to forge their own future, with the central populous growing at record rates year-on-year. Research from the latest State of the City Report – published by Manchester City Council – indicated that the population is likely to increase by a further 100,000 by 2025. This demand will continue to put pressure on local planning and developers, who will be instrumental in supporting this influx.
Average property price in Manchester
Projected property price growth over the next 12-months
Average 1-bedroom property rents in Manchester
Percentage of students that stay in the city after graduation
Manchester is a city that has had its fair share of ups and downs. The transition from a growing industrial decline resulted in a loss of around 50,000 jobs, which by 1982 represented an unemployment level of around 17.5%. Today, Manchester has seen billions of pounds invested in both its commercial and residential sectors, which now sees the city as one of the strongest economies in Europe.
There is no denying that Manchester has a lot to offer. From its long-running industrial roots, the city has sprung a rich collection of artistic and musical artists, whilst delivering a pair of championship-winning football teams. As such, Manchester has a unique flavour with which not many cities can compete.
Manchester has invested heavily in improving its transport network, with the central tram system growing ever larger with the passing of each year. The development of the new HS2 line will help connect the city to the UK’s capital in as little as 65 minutes. Just 10 minutes from the city centre is Manchester Airport, a large international hub with global connections making Manchester an even more appealing place to live and work.
With a student population of around 400,000, Greater Manchester has become a popular location for anyone looking for a good education. Manchester University features regularly in the top 30 places for higher-education, and with around 50% of students remaining after graduation it’s clear the city has something unique for everyone.
As Manchester City Centre has grown out, so too has the number of desirable neighbourhoods. Initially in the early 2000’s, Castlefield was the location most in demand, with renters looking to live in the refurbished mills which had long stood empty following the demise of the industrial revolution. This was then followed by the redevelopment of Manchester’s Northern Quarter, which too had a similar array of buildings looking for a new lease of life.
Today, the locations of Salford Quays, Eccles and Ancoats stand as the new hotspots for renters, who are now looking for a much closer-knit community on their doorstep. Before just having a city centre address was enough, but today renters want more local independent suppliers which can offer a more personal lifestyle.
Ancoats is now famous for its collection of independent restaurants, along with Manchester’s only Michelin Star restaurant.
Eccles and Salford Quay’s, which are both located close to one another, also offer a similar sort of feel, with a growing number of places to eat out appearing each month. The introduction of Media City has made the whole area an attractive rental location, with some of the largest media houses now relocating to the media hub. With plans for a second, even larger phase of Media City, demand is going to go one way.