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The city is “hugely appealing to younger generations” thanks to sustained economic and employment growth. Property investment in Manchester is focused on build-to-rent apartments in the city centre, driving yields and capital growth.
Manchester has an “enduringly attractive offering” for young people – and this is having a significant impact on the city’s property market.
Residential property in Manchester is booming right now, and new figures from JLL underline the current level of demand.
In July 2019, there was a 117% spike in the number of tenants moving into apartments in Manchester city centre.
“Manchester is becoming increasingly in demand as a city, as young people are priced out of the capital and businesses look to north-shore parts or all of their offices,” commented Louise Emmott, Head of North West Residential at JLL.
“It has so much to offer – it’s teeming with culture, sport, a world-class food and drink scene and a booming night-time economy.
“This, paired with the area’s impressive business credentials, means that it’s hugely appealing to younger generations that want the big city feel but can’t afford or access London.”
Between 2014 and 2018, there was a 58% rise in the number of businesses operating in Manchester. By 2021, 16,300 new jobs are forecast to be created, the fastest growth of any city in the UK.
As more young people move to the city to fill these jobs, it’s placing even greater demand on the city’s residential property sector.
Emmott notes that there has “naturally been an increase in rental and house prices” as a result of this growth.
With sustained economic growth forecast in the coming years, investors entering the market now are well placed to achieve strong annual and capital growth levels in the mid to long-term.