Manchester is the largest economic area outside of London with £56 billion gross value added. The city boasts two internationally renowned football clubs, a world-class orchestra, a film and TV production industry and a rich musical heritage. But, more importantly, it's the favourite, property investment area of 2018.
You only need to look towards the Manchester skyline for evidence of the region’s booming property development market and the flurry of regeneration that is happening. During the 2007- 2013 European Structural Funds programme, Manchester received £136.2m to support its regional development; investing in businesses, job opportunities, education and agriculture. This investment has assisted in seeing the city and its surrounding regions not just improved, but totally transformed.
Why Invest in Manchester?
Manchester is a city on the rise. The technology and digital sectors have greatly evolved over the past five years and Manchester now thrives alongside the best tech cities in Europe. There is a buzzing social scene available to techies, founders and start-up entrepreneurs; the result is that Manchester has become a cosmopolitan place to live, where affordable property prices, thriving business, world-class leisure facilities and excellent transport links provide a fabulous lifestyle for young professionals and their growing families.
New bars, restaurants, gyms and shops are seemingly opening on a daily basis, drawing thousands of more people into the city centre than ever before. For Southern property financiers who are being priced out of their local area, Manchester is an obvious choice: who wouldn’t want to hold an asset in a vibrant city which is continually developing and evolving?
Property Values in Manchester
Whilst property values across the south are at last slowing down, the value of the capital's market is very difficult to rationalise. Meanwhile, Manchester is currently leading the way in house price growth. Yet, the average house price in Greater Manchester is almost eight times higher than the average salary - pushing the dream of home ownership out of many people’s reach.
According to research compiled by Hometrack, the average house price in Manchester is now £153,600, with the surge in growth at 8.8 compared to a year earlier.
Rental Demand in Manchester
In September 2016, a report by regional daily newspaper, the Manchester Evening News revealed that it is becoming increasingly difficult for renters to find the perfect property, with agents stating they receive up to ten enquiries for every city centre flat listed. Analysis of data from the Valuation Office Agency shows average rental prices in Greater Manchester increased by 22.4% over the previous 12 months.
The MEN also found:
- Each apartment to rent is receiving 3 or 4 offers
- Some properties are let after just one hour
- Prices are rising by up to £75 a month in some city centre hot spots.
Investment In Greater Manchester
Of course, central Manchester isn’t the only place to invest if you want to take advantage of all the city has to offer. The region of Greater Manchester has a population of around 2.5 million and is made up of 10 authorities. Manchester City is the largest and most central.
The ten Greater Manchester boroughs are each governed by their own local council. Each council
has a degree of freedom to interpret central government guidelines, so it is important to check out the correct website for the area if you are researching an investment in Greater Manchester.
If you aren’t sure which council a property falls under you can find out by entering the postcode at www.gov.uk/council-tax-bands.
Population: 541,300 (Office for National Statistics)
Overall average property price £181,707
Thriving major city. The University of Manchester is the largest single-site university in the UK, with the biggest student community. Article 4 Direction.
Overall average property price: £177,122
The arrival of the BBC and Media City in 2011 has been a hugely positive addition. Over the past decade, Salford has undergone a massive transformation, with hundreds of millions of pounds invested in the area. House prices in Salford have soared as homeowners saw prices rise by almost double the national average - rising by 13.1% in 2016.
Overall average property price: £200,263
Stockport is home to some of the most sought-after postcodes in Greater Manchester and has a fantastic location, bridging the gap between Manchester and Cheshire.
Overall average property price: £281,016
Home to the Trafford Centre and Manchester United Football club, excellent transport links combined with the race for school places fuels the property market in Trafford.
Overall average property price: £169,303
Bury lies 11 miles north of Manchester between Bolton and Rochdale, extending up to the West Pennine Moors and Rossendale. A £350 million retail scheme extended the town centre in 2010 which a huge improvement to the market town.
Overall average property price: £147,950
Bolton is one of the largest towns in Greater Manchester but has repeatedly been foiled in efforts to become a city. It neighbours Wigan and Bury and has a population of around 242,000. A former mill town, Bolton is due to be included in the final stage of the Metrolink extension.
Overall average property price: £128,991
Oldham sits amid the Pennines, south-southeast of Rochdale and northeast of Manchester. It is a hotspot for investors presently with property prices low when compared with other locations on the borders of Manchester. The recent addition of Metrolink has greatly improved the town.
Overall average property price: £144,508
Rochdale is a market town in Greater Manchester, positioned north-northwest of Oldham and north-northeast of the city of Manchester. Rochdale is surrounded by several smaller towns which together form the Metropolitan Borough of Rochdale, with a population 211,699. Heywood also falls under Rochdale – a great place for bargain purchases and social lets.
Overall average property price: £127,690
Wigan is a town in Greater Manchester, 7.9 miles south-west of Bolton, 10 miles north of Warrington and 16 miles west-northwest of Manchester. On the outskirts of Greater Manchester, prices are low when compared to other boroughs and there are plenty of great projects to be found.
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