Greater Manchester may be the second most populous urban area in the United Kingdom after London and the second most popular destination for foreign direct investment (FDI).
Nonetheless, it no longer remains in the shadow of London.
Manchester, in fact is becoming a popular alternative to the British capital and gaining a reputation as one of the best places to live, work, study and invest in Europe. Making its name in textiles, today Manchester's diverse economy and its cultural and sporting legacy is renowned worldwide. By having more firms relocating to Manchester and employment growth outpacing other regional capitals, demand is high for quality housing in the northern city.
“When thinking of the UK's strongest property markets, Manchester continues to be in a league of its own,” said Elaine Rossall, head of offices research from JLL UK. “Job creation is at record levels and is spread across a range of sectors. Commercial development is increasingly catering to occupier demand and this is translating into positive, continued growth across the other property markets.”
Changing face of Manchester property market
Manchester house prices have grown by 19 percent on average since 2016, compared with just one percent growth in London over the same period, according to Land Registry figures. JLL forecasts a further 17 percent growth in property values over the next five years and average rental yields of five percent – twice that of London rental property.
Manchester sales prices are expected to grow by 1 percent from 2.5% to 3.5% p.a. (from year 2020 to 2024) and rental growth will increase 0.5% p.a. in 2022. This substantial price growth is driven by the shortfall of available housing, with an estimated 55,000 properties needed to support the city's projected population growth over the next 10 years.
Latimer Homes' new development, Amplify Apartments are one such notable project to address the high demand for well-connected Manchester property. It is a collection of apartments and duplex townhouses at Salford Quays, Manchester's revitalized waterfront
district and the home of creative hub MediaCityUK.
The capital of the North
With the UK economy now in the recovery phase following Brexit, Manchester's economy is forecast to grow by two percent per annum, above the national average. More than 1.4 million people work in the Greater Manchester area at 105,000 businesses, including 80 members of the FTSE 100. Salford Quays is the home of broadcasters BBC and ITV, amongst other household names, and less than 15 minutes from Manchester city center.
Happenings take place in Manchester when The Northern Quarter comes alive in the evening with live music and craft beer, while New Cathedral Street becomes a go-to destination for fashion shopping. Another exciting place include Manchester Arndale, the largest inner city shopping mall in the UK. Local icons such as The Lowry art center and Old Trafford football stadium are just minutes from the city center or Salford Quays.
Manchester is also renowned for its educational institutions such as the University of Manchester, Manchester Metropolitan and the University of Salford. With one of the highest graduate retention rates of any UK city, many students choose to stay in Manchester permanently, maintaining long-term demand for property.
Waterfront living by the Quays
The signature new residential development of Salford Quays, Amplify Apartments combines close proximity to Manchester's finance, retail and culture districts with the serenity of waterside living. Amplify Apartments consist of one, two or three-bedroom
apartments and townhouses designed for modern urban living.
From the apartments, residents can walk to Salford Quays tram stop in just five minutes, and which then takes them to St Peter's Square in the city center in 13 minutes. Residents can also travel to London by train from Manchester Piccadilly station within
two hours, and to international destinations through Manchester Airport, a 20 minutes' drive or less than an hour by tram.
For more information on Amplify Apartments and other residential properties in Manchester, click here or contact JLL International Properties at +603 2260 0700 or Wong.Christine@ap.jll.com.
