Young buyers flock to Manchester with huge rise in city living.
Thanks to sustained economic and employment growth Manchester property continues to experience rising demand, particularly in the city center residential market.
Manchester has seen a 117% rise in people moving into city centre apartments in July 2019.
Thanks to sustained economic and employment growth, the city is appealing to younger generations in particular.
Manchester boasts an attractive offering for young people, which is having a significant impact on the city’s property market. Property investment in Manchester is focused on build-to-rent apartments in the city centre, driving yields and capital growth.
New figures from JLL underline the current level of demand and the fact that residential property in Manchester is booming right now.
“Manchester is becoming increasingly in demand as a city, as young people are priced out of the capital and businesses look to north-shore parts or all of their offices,” commented Louise Emmott, Head of North West Residential at JLL.
“It has so much to offer – it’s teeming with culture, sport, a world-class food and drink scene and a booming night-time economy.
“This, paired with the area’s impressive business credentials, means that it’s hugely appealing to younger generations that want the big city feel but can’t afford or access London.”
Between 2014 and 2018, there was a 58% rise in the number of businesses operating in Manchester. It’s forecasted that come 2021, 16,300 new jobs will have been created, the fastest growth of any city in the UK.
This continued influx of young people moving to the city to fill these jobs is placing even greater demand on the city’s residential property sector. There has naturally been an increase in rental and house prices as a result.
LPC1, who pioneered a new way of cost-effective living for young people in Salford Quays with their 2017 ELSA ‘shared accommodation’ build, have seen ELSA go from strength to strength in subsequent developments. For more information visit www.elsaliving.co.uk.
The sustained economic growth forecast in the coming years is good news for investors entering the market, who can expect to achieve strong annual and capital growth levels in the mid to long-term.