One of England’s rising stars, Manchester is undergoing huge economic growth and transformation, drawing young talents and businesses into its arms, and spurring an ever-increasing demand for housing in the city.
Manchester’s population is on the rise, translating into further housing, economic, infrastructure growth and UK property investment. The city population is reaching 600,000, ranking as one of Europe’s fastest, according to the city council’s 2018 State of the City Report.
Manchester as UK Property Investment Option
With its young population, diversified economy, construction boom and rapid infrastructure development, it’s easy to see why Manchester is the UK’s fastest-growing city and one of the fastest in Europe as well.
A growing young working population
Since 2015, the city’s population has grown by nearly 6%, and an impressive 70% of Manchester graduates remain in the city and Greater Manchester after their studies. Additionally, 36% local youths who studied outside Manchester choose to come back to the city after graduating.
With a growing population of young working adults, buy-to-let investment is likely to continue to be lucrative. Additionally, Manchester’s house price growth is expected to rise by 57% by the end of 2028.
The Northern Powerhouse region has seen resilience and growth even through political and economic uncertainty, with a record amount of inward investment in over a decade in the Northwest. Manchester remains one of the top cities to invest in even among the northern cities, and its property market is seeing a surge of interest from investors in Asia and the Far East. It is also one of the world’s top 10 cities for foreign direct investment.
Economic diversity and construction growth
Many flock to Manchester because of the wide range of employment opportunities. Manchester has earned a reputation as the hotbed of tech and startup talent in the UK, drawing in young talent from across the country. Over a fifth of Manchester’s population is employed in the financial, professional, and scientific sector.
The city’s vibrant talent pool, coupled with world-class transport links, has propelled Manchester to become one of the best cities in Europe to do business in. It is now seen as the regional centre for finance, commercial and retail, with major corporations setting up key operations within the city.
Continued development in housing, transportation, and infrastructure
More than 200,000 new homes are expected to be built by 2037 in Manchester, to support demand. The city’s population is expected to rise to 644,100 by 2025.
Infrastructure upgrades are in place to support the growing population. Recently-announced plans include expanding the Metrolink on several fronts, new tramlines and a tram-train system where current trams are adapted to run on the same rail lines as trains.
With the rapid upward growth and continued development for the foreseeable future, Manchester is a great option for property investors looking for the best returns.
Article by Ian Choong Edits by Vivienne Pal & Jagdeep Kaur
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- Feature image credit: University of Manchester