In 2018, Manchester is a world-class city and the largest UK economic hub after the capital, offering people a great place to live and work and a fantastic environment for business, culture and the arts.
Manchester's city centre population has risen fivefold in just 15 years, from only 100,000 in 2000 to 559,500 in 2017 (Manchester City Council). The rapid population growth is expected to continue over the next 10 years, with the city centre expected to be home to more than 800,000 people by 2024 (JLL, 2017).
According to research by JLL in 2017, two thirds of the Manchester city centre population were private renters (30% more than the national average) who were predominantly young professionals and new graduates, which is why rental property is being snapped up faster than it can be provided.
They predict a house price growth of 28.2% in the next five years for Manchester, compared to 13.1% on average in the rest of the UK. Rental growth, too, is predicted to rise by around 3-4% per year, over the same period, up 20.5% by 2021.
The city is home to four well renowned universities which provide education for nearly 100,000 students, with 70% of graduates currently choosing to remain in the city after graduation. (Manchester's State of the City Report 2016)
With house prices growing and an ever-increasing workforce, demand for rental property in Manchester, especially in the city centre, is at an all-time high - not only from tenants but investors looking to purchase in the city.
Manchester is the strongest economic city in the North of England, and generated £59.6bn of gross value added (GVA) in 2015, an amazing 30.2% growth in just 10 years. (ONS)
With its central location and its superb infrastructure, Manchester is ideally located close to both the UK's and Europe's business centres, with great road and rail links, plus the third busiest airport in the UK (CAA).
The driving factor behind Greater Manchester's economic growth has been the rapid, large-scale expansion of its private sector, in particular financial and professional services, with around 320,000 people employed in these sectors.
Risk Warning and Disclaimer:
The price of property can go down as well as up. Historic performance should not be taken as a guarantee of future performance. Geared property investment with mortgages can increase risk of losing money as well as increasing the possible gains. Mortgage products referred to in the website can be withdrawn by the lender or have rates or other terms changed without notice and reference to any products does not imply they are certain to be available in the future. Mortgages referred to may also have certain applicant restrictions and are for indicative purposes only although reasonable endeavours have been used to ensure that they are available at the time of publication and are applicable to a significant number of our purchasers. This site is for information purposes only and nothing on this site should be taken as definitive investment advice for your particular situation without you seeking additional guidance directly from ourselves or from other finance and property professionals. Property particulars on this site do not form part of an offer or contract. The developer and Assetz Property Ltd, whilst endeavouring to ensure complete accuracy in these property particulars, cannot accept liability for any errors. Valuations of property or indicated rents achievable are either estimated or derived from valuations and/or comparables and can change and should not be relied upon without your own additional valuation and research, but we have carried out reasonable endeavours to achieve accurate indications for these figures. All descriptions, dimensions, areas, reference to condition and, if necessary, permissions for use and occupation and their details, are given in good faith as provided by the developer and are believed to be correct. However, these are subject to change, especially, but not wholly, relating to any property that is off-plan or not yet complete. Any intending purchaser should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to their accuracy. The onus is on each individual investor to undertake their own due diligence, enquiries and inspections. Where shown, net yields are calculated as rental income less expected service charges less expected ground rent as a percentage of the property price. No void periods, optional letting agent costs, repairs or other costs are deducted. Our standard Terms and Conditions of Sale will apply. E. & O. E.