It has been revealed that the number of completed property development in Manchester reached a record high in 2020, despite coronavirus and successive lockdowns. With schemes comprising buildings for property investments in Manchester as well as those for owner-occupiers, not even a global pandemic could slow the city’s flourishing housing market.
A Record-breaking Year For Residential Projects
The recent Annual Crane Survey from Deloitte shows that there were 35 completions in 2020 – up from 27 in 2019.
In terms of units, the survey reported that 2020 was Manchester’s best year so far for new homes with 4,914 properties finished. And with 12,322 new residential properties in the pipeline, continued growth looks assured for the city.
Across all residential sectors, 24 new Manchester projects got off the ground in 2020. Therefore ensuring a healthy property market for 2021 and beyond.
This is especially good news for people keen to make property investments in Manchester. Such a healthy construction market means a wealth of choice for investors. From the new-build Salford city centre development X1 Michigan Towers, to the tastefully renovated luxury apartments at Albion Place, Manchester has something for everyone.
Office Development Continues
As well as residential schemes, 2020 was a good year for Manchester’s office construction. With 1.2million sq ft of office space delivered against eight schemes, 2020 was the best year for the sector since 2008.
A further three office projects comprising 1.28million sq ft began development in 2020. This is encouraging for people with residential property investments in Manchester, as it shows there is faith in Manchester’s jobs market following the pandemic.
Already a hotspot for business and professionals, increasing numbers of jobs in Manchester will strengthen demand for living space in the city, thereby boosting property prices and rental yields.
After a busy few years for Manchester’s construction market, the sector may slow slightly in the future, though will remain at a good level.
According to Simon Bedford, Partner at Deloitte Real Estate, 2020 was the beginning of a “‘levelling out’ from the frenetic pace of real estate activity – starts and completions – recorded over the past five years, which peaked in 2018.”
He went on to say that “the current picture may represent a sustainable level of development for the city.”
Since the beginning of March 2020, six major planning applications for residential developments in Manchester have already been submitted. In total, this comprises almost 3,000 new homes. With 934 already on site, it looks like there are plenty more opportunities for property investment in Manchester yet to come.
Invest in Manchester Property
To find out more about making a property investment in Manchester, contact North Property Group today.