Manchester’s residential market continues to go from strength to strength with more people moving to apartments in city centre locations.
Demand for prime location accommodation in Manchester city centre is booming, according to the latest figures from JLL, which has recorded a 117% rise in people moving to the city in July this year compared to 2018.
Lets agreed also rose by 103% over the same period according to the real estate adviser, as Manchester remains a hotspot for property investors due to its strong rental demand linked to the high number of young professionals living in the area.
Drawing people to Manchester
While house prices and rents have both climbed over recent years, in some cases outperforming the rest of the UK, it seems demand is still high in the current climate. As more businesses move to the city, with major telecommunications brand TalkTalk the latest to relocate there, it is expected that more people will move to Manchester in pursuit of their careers.
Louise Emmott of JLL said: “Manchester is becoming increasingly in demand as a city, as young people are priced out of the capital and businesses look to ‘north-shore’ parts or all of their offices.
“Manchester has so much to offer – it’s teeming with culture, sport, a world-class food and drink scene and a booming night-time economy. This, paired with the area’s impressive business credentials, means that it’s hugely appealing to younger generations that want the big city feel but can’t afford or access London.”
Build-to-rent is booming
A major game-changer in the rental market in Manchester, as well as other cities across the UK including London, Birmingham and Liverpool, has been the growing build-to-rent sector. According to Emmott, students and graduates in particular are attracted to the additional amenities and standard of living that tend to be associated with build-to-rent.
She added: “With Manchester, as we’re seeing more and more people flock to the city region, there has naturally been an increase in rental and house prices. That increase is always a sign of a healthy local economy, which is of course positive.
“But we have to be mindful that one of Manchester’s key attractions has always been its affordability when compared to southern cities, so it’s important that it doesn’t price itself out of the market – something that we at JLL are very conscious of.”