When it comes to investing in UK properties, “London” might be the first city to strike your mind. Yet, more and more property experts and consultants are now betting on Manchester for longer term investment returns. The Global accounting and consultancy firm Deloitte named it as one of the fastest growing cities in all of Europe and Jones Lang LaSalle (JLL) has rated the city as the Number One Prospect for residential price growth over the next 5 years, predicting that house prices in the city will go up by 14.5% from 2019 to 2022
Numbers aside, here are three other reasons why Manchester is attracting the interest of property investors
1. Growing Population Driving Housing and Rental Demand
Manchester is currently UK’s fastest growing city with an increase in population of over 50% in one decade. Home to 80% of FTSE 100 companies and with even more companies expected to set up offices in Manchester, this vibrant city is now welcoming talent from all over the world.
Underpinning its economic growth is its universities. Manchester is home to 4 universities with total of 85,000 students, with at least 50% choosing to stay on after they graduate.
With the increase in job opportunities and growing pool of foreign talent, housing demand and rental rates in Manchester are experiencing strong growth and Manchester has been dubbed UK’s Second City. According to JLL, rental prices in Manchester increased by 3% in 2017 and the numbers are set to grow even further based on projected growth in number of households (2.7million to 3 million by 2031).
2. Excellent Location & Well Connected
Situated in the northwest of England, Manchester enjoys an excellent location, connected to UK’s major cities. With London, Liverpool, Newcastle, Birmingham, and Edinburgh all being less than 3 hours away, this has facilitated business opportunities for companies set up in Manchester.
The new High Speed Rail (HS2) slated for completion in 2026 ensures that Manchester is only eight minutes over an hour from the capital. Given the affordable home prices in Manchester (only a third of London’s), Manchester is now one of the youngest cities in the UK with rising numbers of young professionals, who are choosing to live there instead.
3. A great place to live, work, and play
Aside from the strong population and economic growth, Manchester has also been voted as the most livable city by the Economist Intelligence Unit for the eighth year running. For the foodies, there are thousands of award-winning restaurants catering to every cuisine and budget. And for the art and culture advocates, there are more art galleries and museums than you can ever imagine.
With the vibrant living environment and endless activities, it is no wonder why Manchester is becoming a desirable home for the young professionals.
For investors looking to invest in Manchester, keep an eye out for properties in Castlefield. Castlefield has been widely regarded as an “up-and-coming” investment hotspot named by the likes of JLL and Alliance Investments. Close to the city but not quite at the thick of it all, sits Castlefield. Castlefield boasts the best of both worlds with the convenience of town 5 minutes away but with more tranquility and natural surroundings.
Elizabeth Tower at Crown Street
Developed by Select Property Group, Elizabeth Tower at Crown Street stands tall in Castlefield with its skyscraper 360 views of central Manchester.
Head downstairs and you will find yourself within a 5 minutes walk to Deansgate Train Station with plenty to do at your doorstep.
There are various amenities within the development, such as a breathtaking 44th floor swimming pool and royal garden. There is also a residents’ lounge and co-working space and cafes and restaurants are located conveniently in the vicinity.
This home has been built with the young professionals in mind and appeals to young professionals who are looking to rent. With millennials in the UK set to become the largest consumer group over the next decade, it’s worth considering the type of renter your investment will appeal to and this is without doubt, one that would appeal to young professionals, even those straight out of school.
For investors who wish to find out more on Elizabeth Tower and investment opportunities in Manchester, CSI Prop will be launching this unique development in Kuala Lumpur this March! Feel free to register your interest in the exclusive property investment event for more information on investing in Manchester!