Manchester is becoming an increasingly popular to place to live with demand for high-quality living outstripping supply. Although there is still a chronic undersupply of residential property in this growing city, the large amount of construction that is currently underway is helping provide residents with somewhere to live – and investors with great opportunities.
Worth £133billion, Manchester’s property market is the third most valuable in the country and is only likely to grow. As of April 2018 there were over 11,000 new homes under construction in the city including large numbers of residential and luxury off plan properties. Leading the way in Manchester’s construction are Alliance Group who are one of the biggest players in the buy-to-let construction market.
So what is the reason for this increasing requirement for new housing? The population is booming not only because people are heading to Manchester for its excellent career opportunities and vibrant nightlife, but also because people are staying: the city has an excellent graduate retention rate with over 50% of its 105,000 students per year choosing to stay.
Demand for investment opportunities is growing too as investors turn towards Manchester, attracted by its strong price growth and residential rental yields. House prices are also much cheaper in Manchester than other cities popular with investors such as London, meaning lower stamp duty and higher buying power for investors.