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 Power House, the arrival of HS2, a £40.6 billion high speed railway development will connect London and the Midlands to Manchester. When finished, the standard journey time to London will be 1h 8m & 41m to Birmingham and is expected to create further demand for higher-quality residences required by commuters and professionals. Time Out has recently voted Manchester as one of the most exciting places in the world to live in and visit in 2018. This makes the city the perfect place to purchase a new build buy-to-let investment that will attract a reliable professional tenant.
Manchester is the second largest economy with largest regional financial and professional services industry in UK. City is also the hearth of Europe with its creative, digital and tech sector. Making it the biggest commercial property market outside of London (with a gross value added (GVA) of £62.8bn), the largest private equity community, and is set to become one of world’s top 20 digital cities by 2020. The city’s economy is one of the fastest growing in the UK and this isn’t expected to slow, with future projections forecasting that GVA 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, It became a major location that has been a 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 as a property investment hotspot. It is estimated that house prices will grow by 22.8% between 2018 and 2022 in Manchester, whilst rents will rise by 17.6% in the same period.