The research shows that average house prices in Manchester have grown more than anywhere else in the UK, beating the national average for five out of the six years since 2012. This was particularly demonstrated last year when Manchester’s property prices rose by 11%, 5% higher than the national average, and 6% higher than the UK average which lagged behind at 5%.
The data also highlights strong house price inflation in Manchester compared to other cities, with prices in Manchester up just under 9% in the 12 months to July 2018 whilst Leeds only saw a rise of 3.8% and London recorded a drop of 1%.
Julian Cotton, associate director at Cushman & Wakefield, commented: “Our research demonstrates that year on year growth within the Greater Manchester residential market has continued apace, outperforming the wider region and once again exceeding the national average, a trend that has been consistently evident in five of the last six years. Greater Manchester is the UK’s largest and fastest growing economy outside of London, having transformed itself into one of Europe’s most dynamic and exciting cities in which to live and work.”
The success of Manchester as a global hub for business has been cemented in the last few years, with huge companies choosing to relocate to the city to make the most of Manchester’s advantageous future prospects: “Seen as the regional centre for finance, commercial and retail with world class transport links, Manchester is now one of the best cities in Europe to do business in.”
Cotton added, “Major corporations such as the Co-operative Group, Amazon, the Royal Bank of Scotland, the BBC and ITV have all chosen to establish key operations within the city.” This fact can be backed up with the recent news that Broadband provider TalkTalk is the latest company to up sticks from London, with plans in place to move its headquarters from the capital to Salford.
Future plans for Manchester such as the MediaCityUK Phase 2 masterplan which will see the technology hub double in size will only strengthen the local economy and bring more young working professionals to the area. With this in mind the experts anticipate that house prices in Manchester will rise to 57% within the next 10 years.
Taking all of this into account it’s no surprise that rents in Manchester are also outpacing every other UK city, firmly putting it at the top of the list for property investors looking for high capital appreciation and growing returns.
The Interchange is the latest investment opportunity from Knight Knox in Greater Manchester and is ideally located within a few minutes’ walk to MediaCityUK and a short tram journey to Manchester city centre. Perfect for young professionals, The Interchange is set to become a premier address in one of the UK’s busiest rental markets. Apartments start at £132,500 and are extremely limited – enquire today!