Controlled residential development caters for explosive population growth
Manchester city centre (and the Greater Manchester region) is an incredible place for property investment. Manchester is the second most visited city in England and has the largest student population in the UK. It is benefitting from billions of pounds in investment. It is improving an already great transport infrastructure, regenerating large swathes of brownfield, and leading to major property development. Manchester is a city that is great to work in, great to play in, and great to live in. All this means it’s a great city for investment in residential property.
In this article, we’re going to highlight a few things that make the city of Manchester irresistible as a destination for property investment, just as it is irresistible to visitors and business.
1. The UK’s highest student population
Manchester has one of the largest networks of universities in the UK and is home to the largest student population in the country. The universities here include the University of Manchester, Manchester Metropolitan University, the University of Salford, and the University of Bolton, offering a variety of degree courses covering traditional and modern economy learning. Most of these universities and colleges have a long tradition of partnering with local businesses. They also work with external organisations and engage in knowledge transfer partnerships regionally, nationally, and internationally.
The student population of more than 100,000 provides a large and growing demand for rental properties in Manchester city centre and throughout Greater Manchester.
2. Manchester is a top retail destination
Manchester is a mecca for retail therapy. It has some of the best and most famous shopping centres in the UK. These include the Trafford Centre, Arndale, Exchange Square, and Market Street. But retail businesses here are not complacent. Millions are being invested in upgrading shopping centres, and even more in upgrading streets and transport.
Over 40 million people visit Manchester’s retail district every year, with a total spend approaching £1 billion.
3. Manchester is an incredible destination for lifestyle
From arts to sport, Manchester is in the premier league of lifestyle cities. It is the heartbeat of the North West’s music and performing arts scene, home to several concert halls and music venues, and rivals London as both a place to perform and a place to experience.
The Manchester city region is home to over 30 museums and galleries, and thousands of acres of parks and stunning countryside. It’s also within easy reach of many areas of outstanding natural beauty, including the Lake District, Yorkshire Dales, and the Peak District.
For the sporty, Manchester is home to two of England’s biggest football teams (Manchester United and Manchester City). It is the base of Lancashire County Cricket Club. In Manchester, you will also find state-of-the-art sports facilities that include velodromes, swimming and athletics venues, and the Etihad Stadium.
4. Manchester City is a magnet for visitors
Manchester’s incredible offering across retail, education and leisure is sucking in visitors.
Each year, VisitBritain produces city and town visit statistics. Over the last five years, staying visits (where people come to Manchester and stay at least one night) have increased by almost 30%, to 1.19 million. It makes it the second most visited town/city in England, behind only London. In response, the supply of hotel rooms in Manchester’s city centre is increasing, with 2,300 new hotel rooms coming on board.
Manchester’s reputation as a top destination is unquestionable. The growth in visitor numbers is resulting in a rapid rise in inward spending, and a vibrant and thriving local hospitality, retail, and leisure economy. It’s a virtuous circle of growth, and it’s likely to improve even more so as investment infrastructure snowballs.
5. Massive investment in transport infrastructure
Planned growth in Manchester’s transport infrastructure will further improve the city experience for visitors and residents. It will attract more visitors from both local markets and those further afield. Commitments include nearly £2 billion allocated to transport improvements, £1.5 billion to be spent on expanding the tram line, the transformation of Manchester Airport, and the arrival of High-Speed Rail.
6. Manchester is a destination for business
The Greater Manchester region is the UK’s second largest after London. Its economy has a gross value added (GVA) of around £58 billion. That’s 3.5% of the total UK economy. With growth averaging almost 3% per year over the last decade, Manchester has been a powerhouse of job creation.
At the heart of the region is Manchester city centre, Salford, and Trafford. It is the engine room of the region’s economy. Here you’ll find a high concentration of financial and professional services, knowledge-based industries, new media, and retail. There are around 160,000 people employed here.
7. The city centre population is exploding
The business, retail and lifestyle options available in Manchester’s city centre is encouraging an explosion in its population numbers. The city centre is now home to 50,000 residents, an increase of 20,000 in the last 10 years. This rate of population growth in the city centre is forecast to continue. It will require thousands of new build homes, and currently, there are around 10,000 new apartments in development.
8. Massive, but controlled, property development
Investment in property development is massive in Manchester, with many city centre brownfield sites being developed to meet the city’s growing residential needs. However, the city council is making land available in a controlled fashion. It is managing the expansion of the residential offering to avoid flooding the market with property.
Developments underway or recently completed include £3 billion across St John’s, Old Granada Studios, Mayfield, NOMA, and Kampus. Nearby Salford is proving to be a hotspot for exceptional off-plan property investment opportunities.
Manchester is a truly international City, and a world-class destination. It’s vibrant and resilient. Manchester city centre is a place to which visitors and businesses are flocking. And as I said at the top of this article, it’s a place where people want to work, play, and live. It makes it one of the best places to invest in property UK today.
To discover more about the amazing new build property investment opportunities in Manchester, contact one of the Gladfish team now on +44 207 923 6100.
Live with passion,
Brett Alegre-Wood
