House price growth
According to data from Hometrack, property values in Manchester are growing at twice the rate they are in London. What’s more, Savills expects further growth of 24% by 2024 thanks to an undersupply of available properties and the huge number of people moving into the city.
This is the perfect time to buy property in Manchester and take advantage of the upcoming capital appreciation – a benefit that is magnified when purchasing at a below-market off-plan rate.
The business capital of Europe
Manchester is an economic powerhouse – a centre of industry not just in the UK, but for Europe as a whole. It is the heart of the Northern Powerhouse project, and Knight Frank has recorded business growth of 41% in the last five years alone.
Overall, the Greater Manchester economy is growing at a rate of 4.3% a year, with Manchester accounting for the vast majority of that. In particular, Manchester city centre is home to 10% of all employment in the region and its local economy will be worth more than £6bn a year by 2025, employing more than 150,000 people.
With this in mind, it is no surprise that so many people are moving to the city centre, desperate to buy homes in one of the most dynamic places in Europe.
Britain’s technology capital
Huge organisations like Amazon, BT, GCHQ and Google have a significant presence in Manchester, and the highly-skilled jobs they create makes Manchester the UK’s number one city for affluent technology workers.
According to the latest annual report from Tech Nation, investment into Manchester’s technology sector increased by 277% in just one year – making Manchester by far the fastest-growing tech cluster in Europe. As with the business sector, this incredible growth is attracting a new generation of highly-skilled workers who see their futures in Manchester. All of these people need homes, and apartments in key areas of the city centre are the preferred option – causing house prices to go up due to the increased demand.