- A growing economy
According to new research of EY’s regional economic forecast, Manchester bucks the trend to be Britain’s strongest performing city – with predicted economic growth of 2.4% each year until 2020. A new regional economic forecast report from Ernst and Young measures economic growth through gross value added (GVA), which tracks the value of goods and services in a given area. Manchester is expected to serve up economic and employment growth of 2.4% and 1.2% respectively each year until 2020, with Stoke-on-Trent, Hull, Liverpool and Leeds securing GVA growth of 1.2%, 1.4%, 1.5% and 1.7% respectively.
This significant growth rate explains why Manchester is now so popular for investment compared to other cities in the UK. There is a lot of expansion happening, not just in economics, but also in terms of employment, with a yearly growth rate of 1.2%. In terms of real estate investment, this figure is very encouraging as it not only attracts new employees looking for accommodation but also an increase in students. Both of these influxes to the city have excellent long term effects, and are good signs for property investments.
2.The 3rd largest city in the UK
Manchester ranks as the 3rd largest city in the UK behind London and Birmingham in terms of population, another factor that makes it a great city to invest in. Also, it has the third largest international airport in the UK, with over 225 destinations, making it accessible from a global audience.
3. Cost of living
According to Ilovemanchester.com, the cost of living in Manchester is 30% lower than London. This calculation takes into account house prices and rent, which is the reason that the population is growing so quickly, and demand for rental is increasing, which are great indicators for sound invest in real estate.
The city also has four further education options, including the University of Manchester which ranks 34th in the World (QS World 2018). The number of students studying each year in Manchester is roughly 100,000, which is a huge number of prospective tenants.
5. Sporting capital city of the UK
If you are a sports fan, you are not going to be disappointed. Whether your watching Manchester United play at the infamous Old Trafford or City at Etihad Stadium, this is the home of football. Every year, hundreds of thousands of people fly to Manchester to watch a legendary match of their beloved team. A large percentage of these tourists chose to stay with airbnb, another option for real estate investors to rent their units at a great rate.
Considering the reasons above, and without mentioning the amazing shopping and dining options in this vibrant city, Manchester should be one of the top cities you should consider.
With prices starting at just 10.5MB they are a great investment. Our team are happy to answer any questions you have and support you during the sales process.