Manchester property is primed for fast growth over the coming years, with the city’s rapidly growing young population set against a significant residential supply shortfall. Businesses across a range of industries are flocking to the city given the great value and highly educated workforce Manchester offers, driving strong employment and economic growth. All this is backed by the UK government, which has committed GBP7 billion to generate a ‘Northern Powerhouse’ with Manchester at its heart.
For property investors, entry prices are comparatively low and rental yields high and sustainable. Prices are also rising, with the city’s prime central prices increasing 11% in 2014 – justifying forecasts for a further 26.4% growth across the city by 2019. Residential real estate in Manchester is one of the world’s top investment propositions right now, and The Assembly offers the location and quality to set it apart as one of the city’s best investment opportunities.
If you’d like to know more about Manchester, take a look at the information and resources below and feel free to get in touch if you have any questions. I look forward to hearing from you.
Manchester investment case
Manchester is growing at an impressive rate. The city centre population now exceeds 500,000 residents, with forecasts expecting a further 50,000 over the next decade. This is being driven by historic levels of economic and business growth; average incomes grew by 8.4% from 2013 to 2014 and city centre employment is set to surpass 400,000 by 2025.
Investment in key industries such as life sciences, creative and digital, advanced manufacturing, finance and professional services is driving commercial expansion; creating new opportunities for young people.
This growth is being supported by the UK government’s pivotal Northern Powerhouse vision, which will see GBP7 billion invested in cities across the north of England. Manchester is at the heart of this concept for a better-connected north, and will lead the way by accepting increased autonomy, including being the first UK city outside of London to elect its own Mayor.
Manchester’s property market has performed strongly over the past few years due to a lack of residential supply – less than 500 new units were delivered in the city centre in the 18 months before 2015. As a result, prices have risen by 12.3% since 2012, with more than half this growth seen last year. In the prime areas of the city centre even better performance was recorded in 2014, with prices up 11%.
Despite this, prices remain 17.3% below peak, and new forecasts expect property prices to rise by 26.4% through to 2019. With prime areas seeing massive demand, several locations are expected to outperform even these projections.
Rents are also steadily rising, supporting yields that are among the highest in the UK. Rents in the city centre were up 10% across 2014, while prime areas now command up to a 40% price premium that has made them even more of a target for investors. Looking ahead, citywide rental prices are forecast to increase by 26.3% through to 2019, a rise that would match price growth and sustain the currently impressive yield level.
Spacious 1/2/3-bedroom apartments
High spec finish within a historic industrial district
Perfectly positioned to appeal to Manchester’s professionals and students
Just a short walk from key central locations
Next door to the First Street regeneration scheme, with its wide range of new business, leisure and cultural facilities
Unique modern design in a prime city centre location