The bright lights of London are not the only option when looking to invest in UK property. Manchester is a great alternative, with development over the past decade transforming the city into a remarkable place to both live and work. Manchester is now the fastest growing city outside of London, with a population of almost 500,000 people, and continues to see an increase in demand for property. Here are 5 reasons why you should consider investing in Manchester.
The city’s regeneration efforts have massively improved Manchester’s economy, particularly in sectors such as finance, broadcasting and media. Manchester’s modern financial centre at Spinningfields, the opening of MediaCityUK at Salford Quays, and the relocation of the BBC and ITV offices from London to Manchester are constantly creating new jobs and bringing in new talent and skilled workers to the city. With the increase in workforce, the demand for accommodation continues to rise, which also leads to an increase in property value – ideal for investors looking for capital gains.
Another key reason to invest in Manchester is accessibility. If you’re based in Manchester but still need to be connected to London and other major cities, you’ll be pleased to hear that the city is well accessed by road, rail and air. The construction of the High Speed 2 (HS2) Railway will reduce the journey time between Manchester and London by half, taking only an hour and eight minutes. The city has also pledged to create a northern hub of rail lines around Manchester to shorten the distance and time to other key cities and towns.
Manchester also has the largest student population in Europe at 105,000. Some of the world’s best universities are located in the city, such as University of Manchester, Manchester Metropolitan and the University of Salford. With the great number of students in the city, many from overseas, this results in a high demand for quality accommodation especially within areas surrounding the universities. Due to this, it would be worthwhile to invest in buy-to-let property around the student areas.
The city also boasts a plethora of cultural, sporting and heritage attractions. Manchester is famously home to one of the world’s most well-known football clubs and also one of the world’s wealthiest – Manchester United and Manchester City. ‘Man U’ provides a 76,000 capacity stadium making it the largest club football ground in the UK. Alongside it’s sporting attractions Manchester also has a vast array of theatres, art galleries and museums across the city, including the Whitworth Gallery that re-opened after a £15m redevelopment. Just recently, the chancellor has also pledged funds for the arts sector, including £5m for a new South Asia Gallery at Manchester Museum and £9m a year revenue funding to Manchester’s new ultra-flexible arts space, The Factory – scheduled to open in 2019. The city is also host to the dynamic bi-annual international arts festival, Manchester International Festival (IMF), which will take place next year in 2017.
If you’re looking for something to do during your spare time, Manchester rivals London in both the shopping and dining scene. Exchange Square and Spinningfields are some of the city’s most attractive shopping areas, featuring Selfridge’s and The Avenue, with some of the world’s best designer brands. For a more eclectic experience, the Northern Quarter brings together a variety of eccentric independent shops and is amongst the old architecture of the city. For foodies in and around Manchester, it proves to be a haven for whatever you may crave, from local pub favourites in the Northern Quarter to luxurious, Michelin-ambitious restaurants in the city centre. For a day filled with the arts, Manchester’s multi-artform centre, HOME, is the largest arts complex outside London. It acts as a cinema, stage, and art gallery at the same time, with programmes for film, theatre, and contemporary art under one roof.
With an ever-growing population in a city with rich heritage and culture, Manchester is rapidly becoming one of the most popular property investment hotspots in the UK outside of London. Investing in property in the city almost immediately guarantees you a profit, especially if you choose to rent out to job-seekers and students. If you would like to know more about investing in Manchester or if you’re looking for investment opportunities, don’t hesitate to contact our sales team for more details.