Huge Government investment in one of the UK’s highest yield cities
The Government has big plans for Manchester and the North of England.
In 2014 the Government committed £476.7 million to boost economic growth in Manchester and now they’re adding £56.6 million more. That gives a total pot of £533.3 million funding to boost growth, develop infrastructure, create jobs and stimulate inward investment.
Over the last five years, employment in the area has increased by nearly eight percent, and is forecast to grow by around sixteen percent over the next twenty years. Residents’ wages in the area have increased fifteen percent over the last eight years making the area more affluent.
Almost half of the Top 500 businesses in the north-west are based in the region, along with many FTSE 100 companies and thousands of foreign-owned companies. With the ‘Manchester Enterprise Zone’ offering incentives, more businesses choosing to locate in the area, and existing businesses continuing to expand and thrive, the robust economy of the region can only improve.
The input of millions of pounds of Government investment will only increase these existing growth figures. Residential prices are currently around 19% below the national average, but they won’t remain that way for long.
Overseas investors have already noticed the potential in Manchester’s property market. In 2014 they invested £3.4 billion in prime property making Manchester comparable with European cities such as Brussels or Amsterdam.
If those figures weren’t convincing enough, recent research by HSBC revealed Manchester had the second-highest yields for buy-to-let investors in the UK, averaging 7.98%. (Southampton topped the list with 8.73%).
That means Manchester property investment is perfect for you if you’re looking for property in a major city with great ROI.
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Economy & Employment
Manchester’s Media City UK is a £3.5 billion hub for creative industries.
The 10 local authorities of Greater Manchester comprise the largest functional economic area outside of London. This area has a population of 2.7 million and a massive Gross Value Added of £54 billion.
The area also has more multimillionaires than anywhere in Britain outside London with the city itself home to over 170 super-rich people.
These impressive figures mean Manchester has one of the UK’s largest economies and it continues to expand.
From 2002-12 the region’s economy grew at 2.2% above the national growth rate, whilst the population increased by 7% in a similar period.
Industry strengths also include the growth areas of biotechnology, advanced manufacturing, tourism, business and financial services environmental technologies.
And then there are the global sports brands; Umbro & Reebok, were founded nearby and its two major football clubs (Manchester United and Manchester City) have combined revenue of 760m euros a year.
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Manchester has massive rail & airport investment from both foreign and Government funding.
The Government has announced that a total of 40 major infrastructure projects are due to start in the north-west. These form part of more than 200 rail, road, local transport, airport infrastructure, flood defence, broadband and waste management projects that began across Great Britain in 2014/2015.
The £600 million ‘Northern Hub’ rail project has begun and includes new platforms upgraded stations, electrification and additional track across the North. This will increase the capability of the network between Manchester and other major towns and cities, providing space for 700 extra trains every day and 44 million more passengers a year.
But the investment doesn’t end there. HS2 is a £40.6 billion high-speed railway development which will connect London and the Midlands to Manchester. When finished, the standard journey time to London will be 1h 8m & 41m to Birmingham.
Manchester Airport is the 3rd busiest in the UK offering flights to 200 destinations for 22 million passengers each year. In 2013 Beijing Construction Engineering Group announced £800 million of investment for the expansion of the airport to create on-site logistics, manufacturing, office and leisure facilities. The project will create the first UK ‘airport city’ and is one of the largest single investments in Britain from China to date.
Air: Manchester Airport has three terminals, offering flights to over 190 destinations and handling 22 million passengers each year.
Rail: Trains run frequently to London St Pancras. Journeys currently take 2h 4m but will soon take only 1h 9m when the HS2 service is operational. There are also direct connections to Leeds, Sheffield, Birmingham and other major UK cities.
Tram: Frequent and fast travel across the area is provided by the Metrolink Tram system, running every few minutes it connects the major tourist attractions and railway stations seamlessly.
Road: The area is also very well connected to the rest of the country by excellent motorway links, with the ring road connecting to motorway routes in all directions.
Bus: There is also a comprehensive and efficient bus route network and a free city centre Metroshuttle service.
Manchester is home to, 30 primary, 8 secondary, 33 independent schools.
Notable institutions include Withington Girls School (exclusively for girls aged 7 to 18) – one of the best schools in th country. Manchester High School for girls (exclusively for girls aged 4 to 18) – an excellent school in the area. St. Bede’s College (for boys and girls aged 3 to 18 years)
Higher Education: There are in the region of fifty Higher Education options. From 9 universities and many varied colleges including law, music and language schools. The University of Manchester is the 25th top university in the UK and 33rd in the world, as of July 2016. This ranking makes it a number one destination for students.
As many lower-end properties are rented by students there is a huge demand in the market for higher-quality residences required by commuters and professionals. This makes Manchester the perfect place to purchase a new build buy-to-let investment that will attract a reliable professional tenant.
Shops & Leisure
Shopping: Shoppers are amply catered for by the Arndale Centre, it is described as ‘High Street Heaven’. Built in the 1970s it was modernised from the late 90s and covers around 140,000 m2, with over 200 shops and department stores, it attracts 41 million visitors annually.
Leisure: With over thirty sports and leisure centres, there is something for every sports enthusiast. For the less energetic there are castles, museums, galleries and plenty of historic houses and gardens.
The Northern Quarter
This area of the city is a patchwork of quirky shops and galleries, bars and eateries, gifts and vintage clothes shops. The area has a buzzing nightlife & a vibrant music scene similar to London’s Shoreditch or New York’s Williamsburg. The Northern Quarter is a lure for young professionals – particularly those in the media and creative industries – who are relocating from London in search of affordable rents but who don’t want to compromise on culture & nightlife.