Manchester property market is enjoying steady growth, thanks the swift increase of the cities population and backlog from several years of a lack of housing supply.
With JLL,one of the UK's largest property investment experts, projecting rental increases of 4.2% across Manchester over the coming 5 years and the city becoming home to one of the highest proportions of private renters in the UK (at 26.68%).
Manchester offers solid credentials as one of the most promising buy to let locations in the UK.
Greater Manchester comprises the largest economic area in the UK outside of London with a population of 2.7 million. As hub of the Northern Powerhouse Project, Manchester will see the arrival of HS2, a £40.6bn high speed railway development will connecting it to London and Birmingham.
HS2 will reduce standard journey times from Manchester to London to 1h 8m & Birmingham to 41m and is expected to create significant demand for higher-quality residences required by commuters and professionals who will benefit from HS2. In 2018 Time Out Magazine voted Manchester as one of the most exciting places in the world to live in and visit. This makes the city the perfect place to invest in a new build buy-to-let investment that will attract a reliable professional tenant.
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Manchester is the UK's second largest economy with the largest financial and professional service industry in the North of England. Manchester is also home to some of the largest creative, digital and technology businesses outside of London.
The city boasts the largest commercial property market outside of the South of England (with a gross development value (GDV) of £62.8bn), the largest private equity community, and is set to become one of world’s top 20 digital cities by 2021. The city’s economy is one of the fastest growing in the UK and isn’t expected to slow any time soon, with future projections forecasting that GDV will grow by 45% between 2016 and 2036.
Stand Out Location
Promising high rates of capital growth and exceptional rental yields, Manchester is one of the UK’s stand-out locations for buy-to-let property investment. It benefits from a strong presence of local businesses, high population growth, tourist attractions and all-round appeal as a place to live.
Over the years, Manchester has become a major location and hot spot for investors. HSBC ranked the city as the UK’s number one property investment location. The magnificent transport links and its flourishing business hub has played a key role to its success. It is estimated that property prices will grow by 22.8% between 2018 and 2022 in the city, whilst rents will rise by 17.6% in the same period.