Manchester fastest growing city outside of the South
Manchester is set to outperform all regions of the UK outside the south of England over the next three years.
The end of 2015 resulted in an additional 4,300 jobs being created across the city of Manchester, a rise of 1.2%, according to new research. The Northern Powerhouse plans are predicted to result in an increase in employment levels due to a rise in job openings and housing prospects.
House prices in Manchester also increased by 9.5% in 2015. The North West as a collective also achieved a GVA (gross added value) expansion of 1.8% and employment growth of 0.8% last year. These rising figures are largely due to Manchester’s strong economic performance. In Manchester alone, the GVA expansion over the next three years is recorded to hit 2.5% a year, far outweighing the majority of the UK in terms of growth.
The rental demand is set to soar even further in Manchester as more than 10,000 new apartments are expected to be built in the private rented sector over the next few years - an estimated spend of £30bn.
Comments from Sequre
Graham Davidson, managing director of Sequre Property Investment, comments on Manchester’s growth –
“We have often found that Manchester and the North West provides the best returns for buy to let property and have seen a strong surge in the number of investors moving away from the South in favour of the North. The creation of the Northern Powerhouse has certainly provided an even bigger buzz in this region and more housing & funding will continue to attract landlords throughout 2016 and beyond.”
“The government has already championed Manchester, one of the strongest northern cities, as being at the ‘forefront of positive change’ – the main reason for the city spearheading the Northern Powerhouse concept. It has also been named as the best buy to let hotspot in the UK by a number of different reports and media sources due to its average yields of between 7-8%. Any investor looking to buy should be seriously considering this area for investment.”
If you’re considering investing in buy to let property in Manchester, or any other area, call our team today. We source the very best deals across the UK & overseas and negotiate genuine discounts on buy to let properties. Plus, many of our properties are tenanted from day one, allowing for the perfect hands-off investment. To find out more, contact us on 0800 011 2277.