Some people might be tempted to see the Manchester property market as “yesterday’s news” and it’s certainly true that it’s long since ceased to be an “insider tip” amongst “in-the-know” property investors.
At the same time, however, while house prices have certainly been going up over recent years, they are still massively lower than in the south of England (especially in London and the surrounding areas), which helps to keep yields up and the city is in a continual process of regeneration which is making life even better for inhabitants and investors alike.
Here are just a few reasons why 2020 is the year to invest in the Manchester property market.
Manchester is continuing to expand its infrastructure
Possibly the most obvious sign of Manchester’s continuing development is the £1 billion expansion of Manchester airport, which sends a clear signal that London is no longer the UK’s unchallenged global flight hub.
There are, however, plenty of other projects going on around the city, many of which revolve around the fact that Manchester is attracting more businesses and more people and needs more facilities to accommodate them.
Increase in overseas investment
One of the many reasons why Manchester has made it a priority to finance the expansion of Manchester airport is because the city has become extremely popular with overseas investors and the city is eager to do everything it can to facilitate this mutually-beneficial arrangement.
For example, Chinese carrier Juneyao Air is due to run a direct service between Manchester and Shanghai, which is one of the biggest cities in China and also one of its major economic hubs.
The hope is that improving transport connections between Manchester and other key global destinations will not only encourage investors to look at Manchester (since it will make it more convenient for them to see the city for themselves and evaluate its possibilities or just to meet business contacts in person and forge a closer connection than is possible online) but will also unlock opportunities for growth in tourism (with the revenue that brings) and even to encourage more international students and possibly to facilitate students from the UK spending time overseas.
More businesses making the move up north
Manchester has long since transformed itself from the place both people and businesses moved out of into the place both people and businesses want to be.
The BBC was probably the first “big-name” company to relocate a significant chunk of its staff from London to Greater Manchester (MediaCity UK in Salford) but since then they’ve been joined by a whole host of household names.
In fact, it’s not just companies which are making the move up north. Increasing numbers of young professionals are abandoning the official capital for the unofficial capital of the north (and its vastly more affordable housing market) plus Manchester is retaining a high percentage of its many graduates and successfully encouraging locally-born graduates to return to the city after completing their studies elsewhere.
This talent pool then acts as an additional motivating factor to companies who are considering a move to the Northern Powerhouse.
Author Bio
Indlu are estate agents in Manchester offering professional Lettings and Buy-to-Let properties in Manchester for Landlords.
