The demand across Manchester for city centre living has far exceeded the rest of the UK as expansive urban regeneration projects alongside growing student numbers and an enviable graduate retention have helped to strengthen the city’s reputation on a global scale. Manchester has experienced a vast injection of high-end apartments that are driven by a strong demand. These alongside other living spaces must be built to cope with the city’s extensive growth.
Developers and investors have recognised the need to create adequate housing, therefore have responded to meet the buy to let market demands by introducing new developments across the city. Over 30 new projects across Manchester are reshaping the skyline and property investment giants like RW Invest have a multitude of opportunities offering excellent returns.
The market is by no means saturated from the new builds around the city, in fact the city has plenty of room for growth, building and investment. Manchester is regarded as UK’s second city which captures the attention of overseas investors, as well as those in the UK, that are seeking exciting prospects in new build projects. But what exactly makes Manchester one of the largest hotspots for investment?
Growing house prices and rent
London house prices are stagnating as slumping prices are hindering the property landscape in the South. House prices in the North West rose the fastest in the UK compared against a year ago, according to figures from the Office for National Statistics. The biggest decline was in London where prices dropped by 0.7% year on year.
The capital city is becoming unappealing for prospective investors due to oversaturation of investment and stronger opportunities in the North West. House prices in Manchester have spiked even just in the last 12 months alone, as they have climbed by an impressive 10% over 2017. Rental prices have also followed suit as they have experienced a 3% rise at the same time.
Residential price growth is also enjoying a major upswing as its annual average growth has hit 4.2%, which exceeds the national average of 2.4%. Looking into the future, the projections for rent increases look extremely strong, as a 3.5% growth is expected per year until 2020.
Rising population and Student retention
Manchester is home to world famous universities that draw international students due to its positive reputation. The city not only attracts the attention of students all over the world, but it enjoys the benefits of a high rate of student retention.
Record numbers of graduates decide to stay in the city upon the completion of their studies to live and work. In Greater Manchester over half of higher education leavers between 2010/2011 and 2014/2015 stayed on in the area to source employment opportunities with more than 8,000 new jobs being created across the city due to the dynamic Northern Powerhouse Initiative. Over the forthcoming years, another 850,000 jobs are predicted to be created by 2050. Besides from stronger opportunities across the city that are growing over time, Manchester is earning its renowned reputation through their access to luxury new builds for both students, graduates and professionals, providing one of the biggest draws for choosing this region.