Greater Manchester is the centre of the Northern Powerhouse and has gone from strength to strength in recent years as investment has poured into the North West, both from inside the UK and from direct foreign investment. Greater Manchester is the fastest growing region in the UK, seeing significant economic and population growth. This is matched by the housing market which is growing exponentially – property investment in Manchester is booming and there has never been a better time to invest in the city.
Within Greater Manchester, the two main focusses are the city of Manchester itself and its close neighbour, Salford, both of which played a significant role in shaping the UK as we know it. Today, the two cities make up the UK’s premier buy-to-let hotspot. The enthusiasm of the many young professionals and graduates moving to the region is matched by that of property investors keen to take advantage of the excellent yields and capital appreciation on offer.
Greater Manchester Property Investment Guide 2016
The city of Manchester sits at the heart of the region of Greater Manchester and is already the UK’s de facto second city. Manchester is attracting attention from all over the world, notably the Far East where Chinese and Japanese investors have noted the city’s rise. The most visible example of this is the £1bn Chinese investment into Manchester Airport and Airport City.
Today Manchester is well on its way to becoming an internationally significant powerhouse. The city is already the third most popular tourist destination in the UK after London and Edinburgh. The current population of approximately 520,000 is expected to rise to 600,000 by 2030 in response to the booming economy and the opportunities the city has to offer. House prices have risen in line with Manchester’s growing stature over recent years and analysts expect to see them rise a further a 20% by 2020.
Salford neighbours Manchester and has played a key part in the modern rise of the region of Greater Manchester. Despite the city often getting combined with Manchester in the popular consciousness and when the city is sold to foreign investors, Salford has its own identity and heritage and a significant place in the history of the North West of England. Most famously, Salford Quays is home to the Manchester Ship Canal which connected the city to the Irish Sea and allowed this inland city to become the country’s third biggest shipping port.
Today, Salford Quays is home to MediaCityUK, Europe’s first purpose-built media hub and the headquarters of the BBC, ITV, Bupa and many other large companies, as well as being a centre of innovation and a key part of the digital economy which is likely to power the North of England in the coming years. Salford has become a desirable investment hotspot in response to this as people from around the country move to the city to take advantage of everything happening there. This huge demand led to Salford being declared a buy-to-let hotspot in 2014 and 2015 by financial experts.