Manchester: the main attraction
Manchester’s relentless rise has been brought into sharp focus in recent weeks with a succession of stories highlighting this dynamic city at the heart of the government’s plan for a Northern Powerhouse.
An authoritative global survey by the Economist Intelligence Unit named Manchester – ahead of London – as the best UK city to live in and this appeal is reflected in the burgeoning demand for property, with some estate agents recently reporting a ratio of 15 prospective tenants for every home to rent.
Lack of supply in the market is driving rents and house prices, with rents across the whole of Manchester rising by over 20% in just 12 months last year. During that period HSBC named Manchester as the UK’s buy-to-let hotspot with landlords here making the biggest rental yields.
This finding was fuelled by one of the largest student populations in Europe, strong demand for private rented accommodation and, by comparison with other regions in the UK, cheaper housing. Now, a new report analysing best performing cities for property investment has confirmed Manchester remains at the top of the national league table for rental yields.
Potential investors are also encouraged by the city’s thriving economy and growing young workforce. Financial services and creative industries, helped by the relocation of the BBC, lead the way. Now, Media City in Salford is scheduled to expand, aiming to double in size by 2026, generating even more jobs. There are a growing number of young professionals seeking the convenience and appeal of inner city living with access to some of the best nightlife, restaurants, bars, football teams and jobs in the UK.
Oliver Conoley, Director, National Property Portfolio said: “This is an exciting time for Manchester, powered by the government’s renewed commitment to the Northern Powerhouse and the prospect of HS2 providing a further engine for growth – reducing journey times from London to about an hour.
“Media City is a shining example of what can be achieved by combining the talents of people with ambition and vision – and serves as a beacon for the future growth potential of this great city. The continuing investment in Manchester presents a positive outlook for investors and homebuyers alike.”