3-bed supply is limited in Manchester City Centre

August 10, 2022

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Article Summary

Manchester
  • The latest Crane Survey from Deloitte shows that just over 5,500 units completed across the city of Manchester over 2021, and another 10,700 are in construction at the moment.

  • The latest estimates from Manchester City Council show that a further 70,000 people are expected to move to the city by the end of the decade.

  • In Manchester city centre, three bedroom apartments saw their average rent increase by 7.4% in the last three months alone.

Everybody knows that Manchester is one of the most in-demand property locations in the UK. The city has a serious lack of new homes coming to market and this is increasing competition for the properties which are available. The city’s population is growing too fast for developers and the existing housing stock to keep up with.

The latest Crane Survey from Deloitte shows that just over 5,500 units completed across the city of Manchester over 2021, and another 10,700 are in construction at the moment to be completed in the coming five year period.

The competition this creates for the best luxury properties in the city centre is fierce. To demonstrate using some recent data from urbanbubble, the number of available apartments fell to just 664 at the end of Q2 2022. This is almost 1,000 fewer than at the same time in 2021, and 1,700 fewer than the same time in 2020.

At the same time, the latest estimates from Manchester City Council show that a further 70,000 people are expected to move to the city by the end of the decade. The high quality jobs on offer combine with a world class culture, top universities and a modernising city centre to make Manchester into the most liveable city in the UK according to the Economist.

Commenting on Manchester’s top rating, the leader of Manchester City Council, Bev Craig, said: “I’m proud that Manchester is the highest ranked UK city. It’s great to see this respected survey recognise what we already know – that Manchester is a great place to be. A vibrant, creative, energetic and ambitious city that puts residents at its heart.”

This appeal is reflected in Manchester’s rising rents. The last few years have given people a taste for more space to work from home and to enjoy their free time too. This will not change in the future, and more people than ever are willing to pay a premium to secure this property type.

The urbanbubble research gives us a valuable insight into each type of city centre apartment to see where rents are rising fastest. They are growing rapidly to new highs across the board, but the greatest rise in Q2 2022 was seen in the three bedroom apartment market. In Manchester city centre, this type of property saw the average rent increase by 7.4% in the last three months alone.

By returning to Rightmove, we can see in real time that there is a shortage of this apartment type in Manchester right now. With only approximately 30 three bedroom apartments available in Manchester city centre, this is an area where investors can put their money and anticipate high levels of potential growth on top of the rental increases mentioned previously.

Are you looking to purchase a three bedroom apartment in Manchester city centre? Three60 is the new icon on Manchester’s skyline. This 51-storey cylindrical skyscraper provides exceptional views over the city centre and a high end luxury lifestyle which is perfectly designed to cater to the city’s booming rental market. Amenities including a state-of-the-art gym, fitness studios, 24/7 concierge, podium garden and a café complete the picture.

The development is located in Manchester’s Great Jackson Street regeneration area and is more than 80% sold out. The latest release of apartments includes a range of stunning three bedroom properties, and this is your last chance to buy in one of Manchester’s most anticipated premium developments.

 

What is property investment?

Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. These returns could be in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Property investments can be owned by individuals or organisations and can be short, long or medium term.

 

Get in touch

For all of the latest information about Manchester property investments and to start your own property investment journey, contact the experts at North Property Group now.

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