The release of new figures on the economic growth of major UK cities has shown that Manchester is now one of the top three of fastest growing city economies in the UK, and is predicted to create up to 27,500 new jobs by 2026, reports Bdaily.
Potential investors will witness a surging boost in property development post the February 2017 announcement of government funding plunged into the Northern Power house; with more than 120 million pounds allotted to Greater Manchester Area.
“Manchester is at the forefront of the Northern Powerhouse,” says Ronald Garrett, Director of Sales at Alliance Investments. “With the amount of investment being ploughed into the city, creating new employment opportunities and bolstering the local economy, it’s clear to see why this city is high on the agenda of many.”
The population of Greater Manchester area approximates to 2.5 million as last recorded in 2016. The city is made up of 10 boroughs and two cities where Greater Manchester covers an area of 493 square miles and is the second largest urban area in the United Kingdom.
Recently Manchester has been identified as a prodigious place to live and work. The city attracts one of the highest regional rental investments rating in Britain, based on strong economic conditions, capital and yield levels. 2016 saw property prices on average rise by 10 % and approximately 28% hike in apartment buildings. This shows a massive demand for apartment buildings. Property rentals in Manchester give an average yield between 6%-8% which is expected to rise in the coming decade.
In 2015 Manchester was identified by HSBC as the UK’s property hotspot, with average yields of 7.98% surpassing those found in any other city. In recent years a number of high-profile multinationals, such as the BBC and the Bank of New York Mellon, Granada TV have moved operations to the city making Manchester the largest creative hub in Europe having a significant impact on the number of new opportunities for locals and expats.
Manchester’s accessibility to the rest of the world is another reason to consider investing in the city. It is well connected by air, road and rail. Outside of London, Manchester International Airport is the UK’s largest airport with over 20 million passengers connecting through to more than 200 destinations, some of which include New York, Hong Kong and Dubai. The recent announcement of the £1bn investment expansion of this airport will allow extra 10m passengers to travel through per year.
Another key reason to invest in Manchester is the HS2 which is currently under construction. The High Speed rail network will link Manchester and Leeds to London via Birmingham. This will shorten the journey time from Manchester to London by half. The city’s railway system has five rail stations that serve central Manchester and links with the Metro link rail tram service operating throughout central Manchester.
Manchester is a young vibrant city soaring with a large international student body. Its vast student population reflects Manchester’s popularity as a first-class student destination. With currently over 99,000 students across four universities; University of Manchester University, Manchester Metropolitan University, the University of Salford and the University of Bolton, the city region has one of the largest student populations in the UK, not to mention in Europe. This causes a ripple effect where student accommodation adds to the growth of Manchester’s economy which paves way for higher investments in student housing.
About the company
Alliance Investments is a subsidiary of Property Alliance Group. Property Alliance Group is a 27 year established UK property developer and investor with offices in Manchester and London. With a focus on maintaining its long established reputation for reliability, Alliance is committed to delivering to buyer’s strong value and high quality products that surpass expectations. The group has completed £240million of transactions and owns a mixed portfolio valued at over £190million, centered around Manchester and the North West but with a presence in many other towns and cities throughout the UK.
For enquiries on property investments, visit our website www.alliance-investments.com.hk