Manchester is one of the largest and fastest growing economy outside London. With a population of 2.6 mn, Manchester is the second largest economic hub after London. The Economist Intelligence Unit named Manchester among the world’s 50 most liveable cities followed by London, New York and Rome.
Manchester has rapidly established itself as the investment hotspot owing to high rental yield and capital appreciation. The growing economy and presence of large and prominent companies makes the city more attractive for investors. The factors below will substantiate why Manchester stands above most of the other cities in the UK.
- Strong Economic Growth: The city not only enjoys a very well-deserved reputation for economic excellence but also attracts a large pool of global talent that includes a high proportion of skilled workers. Besides this, the city also boasts headquarters for hundreds of major UK and global companies including The Co-Operative Group, UAE, Thomas Cook and Kellogg’s.
- Development Schemes: The regeneration efforts by the government and a series of public and private investments have given Manchester’s economy a massive boost in sectors such as engineering, financial services, technology, broadcasting and media. The development of the city is a continuous work in progress with excellence as the final goal.
- Improved Positioning: Manchester’s city leaders have consistently employed new economic strategies to re-define the city’s role and improve its position in the global market. The turnaround witnessed in the recent years has been so successful that it can be termed the “Manchester miracle”.
- Liveability: With fewer home owners in the UK and ample job opportunities has led to consistent growth in rental values, thereby allowing an opportunity for investors to choose high-quality rental property in Manchester.
- Shortage of Housing units: Over the past couple of years, the city has registered healthy growth in population while low level of residential units still remain a concern. With the increasing pace of population, investors can earn high returns in the short term as prospective tenants face challenges for limited number of units.
Manchester is an excellent location for investors seeking property investments that will outperform any other property market in the UK. It represents a huge opportunity for investors seeking high capital gains. A robust demand for rental housing and low supply of housing stock results in an ideal situation for buy-to-let landlords to capitalize on the high demand/low supply gap and high rental returns.
Looking to invest in Manchester? Contact our consultants for specific advice related to your property investment.