The city had an extremely strong 2017, after all, and most of the recent figures indicate that the city is the top destination for graduates, young professionals and those in the creative industries.
Thanks in part to this influx of inward immigration the demand for high quality accommodation has barely ever been higher. Those who already have property investments in the city are seeing annual returns of anywhere between 5% and 14%, depending where you happened to buy.
The city has a number of different factors to thank for its recent success. Having 3 world class universities within a few miles of each other certainly helps when it comes to young talent entering the job market and starting businesses. The creative and tech sectors are currently booming in the city and this has meant that wealth creation has jumped significantly.
Secondary to this the local authority and councils have been pumping significant investments into infrastructure and business support. If we take Stockport as an example where over £1 billion of investment has recently been injected into the town with the rail station being renovated and a brand new retail park with cinema included has just opened. The surrounding roads and access routes are all being upgraded and this has also meant that property prices are rising and demand has grown with it.
With all this in mind it’s hardly surprising that the latest Deloitte Manchester Crane Survey has found that Manchester is one of the fastest growing cities in Europe.
The report, released a few weeks ago, has found that 11,135 residential units are currently under construction, exceeding 2017 levels by 4,172 units. 1,784 residential units were completed in 2017 –the highest level since 2009 (2,053).
Further to this work started on 32 brand new schemes last year. In its outlook, the report also stated that Manchester will remain an attractive prospect for international investment, despite increasing competition for sites.
Finally, the report also noted that “In total, 41 residential schemes, set to deliver a total of 11,135 units, are currently under construction. The substantial uplift in the quantity of units under construction, 60% more than reported last year is now visually apparent across the city as cranes and cores dominate the skyline.”
Most of the report’s findings are obvious for investors to see around the city, as development and regeneration continues apace. Competition for prime development sites is becoming fierce and the rate at which new businesses are opening is the highest it has been for years.
According to the MEN, for example, Salford outranked both London and central Manchester for business start-up growth, as new business openings grew by 85%.
There are some predicting that Manchester will even begin to outpace London in almost every area by 2025, in property, business and migration.
Certainly the scene is set for investors to continue to enjoy impressive returns from a city that has never been busier. The atmosphere around the ‘capital of the north’ is buzzing, too. Despite Brexit worries and recent tragedy, the city is expected to continue its steady trajectory through to 2019 and beyond.
Looking to invest in property in Manchester? Take a look at our latest developments here.