Manchester has, for the last 15 years, seen incredible growth and success. Investment from across the globe has created thousands of jobs, helped boost commercial interest in the city and created one of the largest property booms anywhere around.
What makes the city such an attractive market is its perfect balance of location, local infrastructure and affordable prices. Standing as arguably the connective hub of the north, Manchester often features as the first stop on most journeys across the region. The city also benefits from a rich history of industrial revolution, trend setting music and sporting greatness. It’s these key elements that make it easy to recognise and feel confident in its continued success.
Today the city continues to see a bright investment future, with the “The Northern Gateway”, a £4BN project that will see a155-hectare site close to Manchester’s Northern Quarter change into new housing, retail and social services. With demand for rental property still far outstripping demand, expectations for new property remain a priority for Manchester City Council.
The primary aim for “The Northern Gateway” is deliver around 15,000 new homes by the end of 2040, whilst ensuring that local social and green space remains intact. Seven neighbourhoods which include Vauxhall Gardens, Eggington Street, New Cross, New Town, Red Bank, Smedley Dip, South Collyhurst and Collyhurst Village will make space for these new properties. Planning has been approved for much of the development with construction already underway.
Despite “The Northern Gateway” representing such a large project, it is unlikely that these properties will help aid the undersupply of rental homes. In October alone, there were only 513 properties available to rent, which is less than a third of the supply seen just 12 months ago. With demand unlikely to relent anytime soon, the now is the perfect time for those considering Manchester property investment as a gateway to investing the UK’s fastest growing market.