Manchester has become the UK’s biggest and best success story of recent times. The latest research indicates that Manchester is outperforming every other city in the UK when it comes to property prices. The news is great for Manchester’s property investors, with the city hitting levels of capital appreciation unmatched across the UK.
Manchester has boasted the highest price growth in the UK for five of the last six years. A report by Savills has also forecasted values in the north-west are set to increase by 21.6% over the next five years.
Strong economic growth is underpinning the demand for property across the city with price growth and rental yields among the highest in the UK and attracting keen international investment. The city has become the UK’s biggest and best success story of recent times. The latest research indicates that Manchester is outperforming every other city in the UK when it comes to property prices.
Major regeneration has played a significant role in transforming Manchester into a buy-to-let investment hot spot. Large levels of investment in the Northern Powerhouse initiative have helped to boost the local property market, which is driving investors towards the city and away from London. Manchester's buy-to-let property market is experiencing high levels of growth and rental yields have reached almost 9% year-on-year, with areas such as MediaCityUK offering excellent rental yields. Manchester has a growing student population, with an estimated 95,000 students coming to Manchester each year to study at one of five major universities in the city. Manchester is also becoming something of an economic hub, with major growth in the engineering, financial, creative and digital industries. This has attracted more young professionals who wish to live and work in the city and has created a strong demand for rental properties, making Manchester an excellent investment destination.
The City has also seen a 10% rise in the tourism industry making Manchester a prime tourist attraction for both international and none international visitors.
Helen- Lettings & Sales Manager - Winter 2019