Manchester was recently named one of the top cities in the world. As an attractive place to live and work in, the city’s property market is also seeing strong prospects for the future.
There is rising appeal and demand to live and work in Manchester. The city has beat out London as one of the top cities in the world. In a survey of 27,000 city dwellers by Time Out, Manchester was named the third best city in the world.
The Northern Powerhouse city was voted top for creativity, community spirit, friendliness and nightlife. In the index, it’s the top city in the UK and is only behind San Francisco and Amsterdam.
On a number of occasions, Manchester has been named the most liveable city in the UK. With a range of cultural offerings and new developments and investment, the city has become more and more appealing to live in.
Additionally, Manchester was ranked the best city for business in Europe last year. The city is also among the top locations for startups. This further shows the appeal of the thriving city on a global scale.
Strong house price growth
Manchester’s property market has remained particularly resilient due to the uncertainty caused by COVID-19 and Brexit. The sector will likely see additional growth throughout the coming years.
In Zoopla’s 20-city House Price Index, Manchester is home to the second strongest house price growth in the past year with a 7.7% rise. The average price of property is £193,900 there, which is still well below the £234,000 UK average.
National estate agency Savills has forecast the north-west of England to finish 2021 with a 10.5% rise in house prices. In the five years to 2025, house prices are predicted to rise by an impressive 28%. And Manchester is expected to be a part of this house price growth.
Growing rental demand
Rental demand is also strong across the north-west, and this includes Manchester. The latest data from ARLA Propertymark revealed the wider region saw the highest average number of new prospective tenants registered per estate agency with 166 in July. This is well above the average of 102.
On top of that, the north-west also saw the largest month-on-month fall in void periods in August, according to Goodlord. The average void period in the region dropped by 10% from 20 days in July to 18 in August. This further shows the rising demand in the city and region’s property market.
Rental demand will likely rise in the coming years as more people and businesses are moving to Manchester. Together, these factors make it a great city for property investment.