Real Estate
Manchester Property Market: Future Growth and Expert Insights
Published
4 months agoon
![Manchester](https://designerwomen.co.uk/wp-content/uploads/2024/05/Manchester.jpg)
For those seeking lucrative, low-cost, high-yield investment opportunities, the property market in Manchester currently presents a compelling case. Estate agents in Manchester are witnessing a robust period, marked by steady growth and promising future projections. Let’s delve into what lies ahead for property investment in this vibrant city.
Rising Property Values
Manchester’s property market has experienced a notable rise in rental property values in recent years, a trend that shows no signs of abating. Projections indicate a nearly 19 percent increase in property values over the coming years, with house prices expected to climb by approximately six percent. This upward trajectory makes Manchester an attractive destination for astute investors.
Economic forecasts bolster this optimism. Oxford Economics anticipates a 16.4 percent economic growth for Manchester, the highest among UK cities, further enhancing the city’s appeal for property investment. Such economic vitality bodes well for both current and future property values, ensuring healthy returns for investors.
Prime Investment Locations
Several areas within Manchester have emerged as hotspots for property investment, largely due to extensive regeneration projects and the city’s appeal to students and young professionals. Key locations include the Green Quarter, Manchester city centre, and Salford, all benefiting from significant redevelopment efforts.
Market Trends and Stability
Understanding the future of Manchester’s property market necessitates a look back at recent performance. The market has remained stable with substantial growth, creating a conducive environment for investment. Ongoing population growth and continuous regeneration efforts across the city contribute to a dynamic and evolving property landscape.
Manchester’s house prices, while rising, remain more affordable compared to cities like London, Glasgow, and Edinburgh. This affordability, combined with regeneration projects, is pushing property prices higher, offering substantial capital gains for those investing in off-plan properties. First-time buyers also stand to benefit from more reasonable house prices and schemes such as Shared Ownership, which facilitate easier entry into the property market.
Forecasting Manchester’s Property Market
Industry experts predict significant growth for Manchester’s property market in the coming years. According to Savills, property prices in the North West, which includes Manchester, are expected to rise notably by 2026. This growth rate positions Manchester alongside regions like Yorkshire and Humber, and well above the UK’s average five-year growth rate. Such projections signify a robust future for Manchester’s property market.
The rental market, a crucial component of Manchester’s residential sector, continues to thrive. With no signs of decline, this segment attracts substantial investor interest. Oxford Economics’ prediction of strong economic growth over the next five years further underscores Manchester’s strong investment potential.
Why Manchester Attracts Investors
Several factors contribute to Manchester’s attractiveness to property investors. Key among these are the city’s extensive regeneration schemes, population growth, and a youthful demographic.
Regeneration Initiatives
Manchester has undergone significant regeneration over the past few decades, transforming it into one of the UK’s most desirable places to live. Multi-million pound projects such as Victoria North and Spinningfields, alongside ongoing developments, ensure Manchester’s continued prominence and a thriving business economy. These regeneration efforts drive up property prices, offering investors substantial returns on investment.
Population Growth
The influx of businesses and regeneration initiatives has spurred population growth in Manchester. The city’s lower cost of living and compact nature make it an appealing alternative to London. A 2020 Guardian study highlighted that 13% of people leaving London chose Manchester as their new home, a significant increase from previous years. Manchester City Council predicts the city’s population will exceed 635,000 by 2025, a factor that will undoubtedly impact the property market positively.
Youthful Demographic
Manchester boasts one of the largest student populations in Europe and an impressive graduate retention rate of 51%. The city’s booming business environment and affordability attract graduates, with around 37% of Manchester’s population aged between 18 and 34. This youthful demographic drives demand in the rental market, making it a lucrative segment for property investors.
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