Manchester is slated for increased population, job and economic growth across the next five years, bringing more demand to the thriving city’s property market.
The annual State of the City report from Manchester City Council has revealed the positive growth the city is seeing as more people are moving to Manchester, additional jobs are being created, and more businesses are moving operations to the city.
Sir Richard Leese, leader of Manchester City Council, said: “There are many things to celebrate in this year’s State of the City report, not least Manchester’s continued reputation both nationally and internationally as an attractive place to live, visit and do business.
“Our cultural offer, job creation, commitment to new housing, amongst others, mark a city that people want to be in – and our ongoing population growth is a testament to this.”
Growing population fuelling demand in rental market
More than 19,000 additional people live in Manchester’s two most central wards today compared with 2004. The city centre as a whole was forecast to be home to 65,200 residents by mid-2019, which is an increase of 5,000 in the past 12 months. There was even a 117% spike in people moving to Manchester in July this year compared to 2018.
This north-western city has also retained its top spot as the UK’s most liveable city, an accolade the city has held each year since the Global Liveability Survey by the Economist Intelligence Unit began in 2011. This highlights the continued demand and appeal to live and work in Manchester.
By 2025, Manchester’s population is forecast to surpass 635,000 as an additional 100,000 people are predicted to be living in the city centre. Additionally, more students are choosing to remain in the city following graduation at Manchester’s multiple universities. This growth is expected to further fuel demand in the rental market.
Employment growth driven by major developments
Both employment and population are growing more rapidly in Manchester than the average rate for England. There has been a large a rise in the number of businesses opening and moving to the city. Increased job creation and a growing economy is attracting large scale development to Manchester, making it an exciting time to invest in this city.
Employment growth in construction is projected to lead the way with the biggest increase in number of jobs at 50.6% and the highest growth value added at 49.9%. This is likely driven by some of the major developments across the city, including Piccadilly, Mayfield, Great Jackson Street and St John’s. The other sectors expanding the fastest include business and finance, cultural, creative and digital and retail.
Demand for additional residential housing is forecast to increase significantly as the city’s population and employment opportunities continue to grow. Property investment in Manchester, especially in the city centre, will continue to be a lucrative opportunity for buy-to-let investors in the coming years.
