The ongoing covid-19 pandemic has proven the strength and resilience of Manchester and its housing market. Even through such difficult and unprecedented times, the Manchester property market has grown at some of the highest rates in the UK. Despite the challenges of the past 12 months, a property investment in Manchester remains a desirable choice.
Strong Growth And Rising Demand
Throughout the pandemic, Manchester’s housing market underwent strong growth of 6% year-on-year. These good fortunes are expected to continue into 2021, with a housing market spike predicted for Manchester over the next few months.
Rental yields are also expected to rise over the next year. Property investments in Manchester already boast strong average yields of up to 6%, and rising tenant demand will boost these even further.
In addition, the low property prices and over 31% of people in Manchester renting from private landlords helped the city to be recently named one of the best places to invest in buy-to-let property.
Ever more major companies are moving to Manchester, bringing with them an exodus of young professionals from London. Manchester’s housing supply is unable to keep up with the city’s booming population. Therefore creating huge tenant demand in the private rental sector.
Excellent Job Prospects
After being named the best city in Europe for business in 2020/2021, it should be no surprise that so many businesses and professionals are moving to Manchester.
It is also a great place for startups, especially those in the tech industry. Manchester was even ranked as one of the top global cities to start a new business.
Over the past seven months over 7,000 jobs were advertised for Manchester. With so many people across the country losing their jobs due to the covid-19 pandemic, many of these will be attracted to the city to start a new career.
The creation of so many new jobs also proves the confidence investors and businesses have in Manchester.
Large Construction Projects
Even during the last year, Manchester’s construction sector has remained strong. Throughout 2020, a record-breaking 35 residential schemes were completed. This is in addition to the 5,000 new homes built in 2020.
And with a further 12,000 residential units in construction, there is no slowdown on the horizon. There are certainly plenty of new opportunities for property investment in Manchester in its housing market, bringing with them fantastic capital growth and rental yields.
If you’re interested in a property investment in Manchester, don’t wait around! Contact our expert team of property experts at North Property Group to start your investment today.