Sold prices in Manchester have risen by 21% since their 2019 peak, with average prices currently standing at £248,000. Here’s why you should consider investing in a city that’s developing at a rapid rate..
NEW JOB OPPORTUNITIES IN MANCHESTER
Plenty of large businesses have moved in to Greater Manchester through large regeneration schemes, and Media City UK is perhaps the largest. Home to the BBC, ITV Granada, the University of Salford and over 240 other businesses, this is a vibrant employment hotspot that’s centred around high-spec connectivity.
STRONG CONNECTIVITY IN THE NORTH OF ENGLAND
Manchester has been described as the heart of the north, due to it’s connectivity with other cities around. It’s within an hours drive from Liverpool, Leeds, Preston, and Stockport. Manchester Airport is one of the busiest in the UK, and London is now just over 2 hours away by train.
THE POSSIBILITIES BROUGHT BY HS2
HS2 has been pushed back and the Leeds leg has been cancelled, but there are still great potential benefits to be brought. Manchester comes as a part as the second phase, and it will slash travel times to London. It will also bring benefits to nearby towns around Manchester. Around 90,000 homes are expected to be built across the lines due to the HS2 project.
SOARING DEMAND FOR BUY-TO-LET
In November 2021, Zoopla reported that rental demand in Manchester had doubled in the three months prior. They followed that up in February with data showing that rental growth in inner-areas of Manchester had outpaced all cities in the UK bar London. Their outer-area growth was just outpaced by Leeds. Manchester is also home to two large Universities.
PROPERTY PRICES LOWER THAN EXPECTED
With 25% of the population under 21-years-old, property demand in Manchester is only going to continue growing. That makes it intriguing to see that Manchester’s average house prices of £248,000 are well below the current national average.