Manchester is probably the strongest property market in the UK at the moment. The available data shows that the city has the highest rental yields that stand at around 6.2%.
Properties in Manchester have witnessed a continuous investment surge from the domestic and overseas buyers. People have started seeing strong results of the Northern Powerhouse vision with more than 8,000 jobs creation within the last four years.
The city are also expecting around 850,000 new jobs by the year 2050. What’s more, the government’s plans to improve the infrastructure and devolve its power to the individual city have increased the demand for properties in the city.
3 Reasons to Invest in Manchester Properties
1. Manchester is witnessing high economic growth
The City of Manchester is at the center of the country’s Northern Powerhouse.
It is expected to create around 70,000 new jobs in the professional and financial services sector within the next 10 years. Furthermore, the total population of the city might rise by 125,000 people by the year 2025. The institution led investments will also affect the property market.
“Around 60% of Manchester’s population consists of youths between the age of 25 and 29 years old. The city has 5 universities and therefore expecting a high graduate retention rate and greater demand in job market.”
2. Manchester is a growing city in need of real estate
One of the key fundamental factors which is driving the city’s strong performance is the rising population growth in Manchester city.
According to statistics, the Manchester’s population grows at around three times the UK’s average. Between the year 2001 and 2011, the population growth rocketed by 19%.
And if the rate of the new housing supply doesn’t catch up with the population growth in Manchester, the city could potentially have around 1,500 more families than homes by the year 2026 and 9,400 more families than homes by 2037, as reported.
Potentially resulting in a severe under-supply of properties in the city.
3. Overwhelming demand for rental properties
Manchester is reported as one of strongest buy-to-let cities in the UK.
Data have shown that about 63% of households are renting, and an average 4 out of 5 apartments are rented in the extended city centre.
Properties in the city have witnessed capital gains above 4% within the last one year. That alone has influenced the growth of rents by around 2.6%.
Overall, the city has offered a yield of 6.2%, making Manchester property an ideal investment choice.
“Rapid population growth, a lack of new supply, a buoyant local economy and scores of international investors contributed to 15% average capital value growth in 2016. This year, we confidently forecast that Manchester will once again be the market to watch.” – JLL.co.uk
Disclaimer: This article is meant for research and educational purposes only. All information are subjected to changes and no responsibility shall be held on the accuracy. All sorts of property investments can be risky and investors are expected to perform their own due diligence before committing into any purchase.
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