2020 is looking likely to become another record year for Manchester’s property market which is expected to boost property investment in Manchester. According to Deloitte’s Crane Survey, the high volume of developments set to complete this year is expected to surpass the current record for 2019.
High levels of development schemes in Manchester
The high volume of developments will certainly be of benefit for investors looking for their next property investment in Manchester.
Completed in Manchester last year was 27 development schemes, the survey found. The highest level since 2006 and second highest since 1999.
With over 8,800 residential units, over 2 million sq ft of office space and 400,000 sq ft of retail, hotel and leisure space are currently in the pipeline, 2020 is looking like a truly ground-breaking year for Manchester’s property market.
Completed in Manchester in 2019 were 3,619 housing units. Completed last year was also the first student residential development in the city. A further 12,357 housing developments continued construction during 2019, as well as 427,000 sq ft of office space.
The residential market leads the way in driving this surge of development work. Fast population rises in Manchester have caused a significant increase in demand for living space in the city.
Expected to boost property investment is Manchester’s population growth
This population growth is likely to continue, especially in the city centre where demand for high-quality housing is particularly high. Summer 2019 saw a 117% increase in people moving to Manchester compared to 2018 levels.
According to Manchester City Council’s latest State of the City report, Manchester’s population will exceed 635,000 by 2025. This includes a 100,000 rise in the population of Manchester city centre. Such huge levels of population growth will undoubtedly benefit the city’s property market in years to come.
More and more people are moving to Manchester due to the city’s great benefits. With excellent transport links, a thriving cultural scene and affordable housing, Manchester offers a much better quality of life than much of the rest of the country.
Manchester’s thriving business hub offers plenty of property investment opportunities
Thanks to its key strategic position in the Northern Powerhouse, Manchester has also quickly become a hub for business. Just some of the top employers that now call Manchester home include the BBC, Kellogg’s, and Google.
New offices in the city will create 15,500 jobs, bringing even more business and professionals to Manchester.
Hand-in-hand with population increases, major investment, and economic growth and security comes a healthy rental market. Landlords recently named Manchester as the most attractive city for buy-to-let investments in 2020. With strong rental yields and a fantastic future outlook, the city looks set to continue as one of the best choices for property investors in the coming years too.
To find out more about property investment in Manchester, contact North Property Group today and find out what exciting opportunities are waiting for you in the heart of the Northern Powerhouse.