Half year review: Manchester

Spinningfields, Castlefield, The Northern Quarter, Piccadilly, Deansgate; Manchester has no shortage of interesting districts in which to enjoy the glorious summer sunshine. It has a wealth of culture, eateries and bars as well as, most importantly, a confident swagger of a city which knows it is the new place to be.

Half year review: Manchester

Development is everywhere, from the swathes of new apartments being built to the newly revamped John Rylands Library in its stunning surroundings. The Metrolink is currently being extended out into the furthest reaches of the city and the local economy is booming.

London, once the crowning jewel of the UK, is losing out in the cool stakes and in economic growth to its northern competitor.

So as we enjoy the unreasonably glorious weather, we take a look back over the past six months and the first half of the year to see if the city has been living up to the hype.

The Centre for Cities thinktank said urban renaissance in Manchester has been so marked that problems of urban decay had been replaced by a need to find room for further expansion. According to The Guardian, as part of a wider review the thinktank said the central districts of England’s big regional cities had all seen their populations grow more than six times as quickly as that of central London.

Rather astonishingly, the data also showed that, when measured by a combination of jobs and population increase, Manchester had seen the fastest city centre growth in England and Wales in the period 2002-2015.

Research from EY’s regional economic forecast also predicted that Manchester will enjoy expected economic growth of 2.4% every year until 2020. The report looked at the recent and predicted Gross Value Added (GVA), or value of goods and services in Manchester and other regions.

A report by Oxford Economics, titled ‘Beyond the City’, also predicts that the levels of job creation in Manchester could outpace that of cities such as Berlin, Tokyo and Paris between 2015 and 2020.

Perhaps more impressive still, the Centre for Cities study also had Manchester number one in the UK for job creation above even London, saying that job growth in the city had been 84% between 1998 and 2015, in comparison to 71% in London and 52% in Milton Keynes.

Property prices in the North West are also shown to be outpacing the capital by almost every measure by every media outlet. Construction is currently hot in the city with new commercial and residential properties being built at a rapid rate whilst resales are growing as well as rents and yields.

As the summer sunshine seems set to give Manchester and the North West a scorching mid-year, so too the local economy appears to be taking note and following suit.

Are you looking to invest in Manchester? Browse our latest developments here!

Quarterly Report vertical - April 2019

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