- In the ten years before covid, Manchester’s economy grew by an average of 3.4%. 2021’s economic performance of 8.4% shows just how well Manchester has recovered from the coronavirus pandemic.
- This increased economic activity is likely to have a positive impact for people with buy to let properties in Manchester too. New business openings will bring new jobs to the city, and with them people looking for high quality housing to rent.
- Manchester’s residential property market continues to boom, with some properties selling for tens of thousands of pounds above asking price.
Manchester has once again proven its resilience following the global coronavirus pandemic with an economic growth rate of 8% during 2021 – the second fastest in all of Europe. According to research by commercial real estate agents Avison Young into the economic performance of 30 major European cities, Dublin was the only place with a higher GDP growth at 11.9%.
A stronger economy than ever
In the ten years before covid, Manchester’s economy grew by an average of 3.4%. 2021’s economic performance of 8.4% shows just how well Manchester has recovered from the coronavirus pandemic. This huge bounce-back is one of the reasons why property investments in Manchester have remained popular throughout and after the pandemic.
The report gives multiple factors behind Manchester’s incredibly successful recovery. A variety of these are due to the increased investment into the city by businesses. Demand for grade A office space is growing, especially from technology organisations. Roku and Cloud Imperium both committed to such office space last year, bringing with them hundreds of new jobs.
The retail and hospitality sectors are also thriving once again. City centre retail vacancies have fallen from 17% to 10%, while the highest number of new hotel openings outside of London during 2022 will be in Manchester.
Good news for Manchester property investors
This increased economic activity is likely to have a positive impact for people with buy to let properties in Manchester too. New business openings will bring new jobs to the city, and with them people looking for high quality housing to rent. Such buy to let properties are poised to see even higher demand from renters, pushing up returns for landlords.
In addition, a strong and thriving economy help ensure property investments in Manchester are a good financial choice. As the economy booms, so does the property market, generating excellent capital gains for anyone who has invested in property in the city.
Thriving property market
And that brings us to another key factor behind Manchester’s leading economic recovery: its property sector. Manchester’s residential property market continues to boom, with some properties selling for tens of thousands of pounds above asking price.
The kinds of properties particularly in demand from tenants and buyers are those with private outdoor space or with a high level of communal amenities – such as those found in the build to rent sector. If you’re looking at opportunities for a property investment in Manchester, it’s a good idea to look for buy to let properties with these features.
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.
Find out more
If you’d like to learn more about buying a property investment in Manchester, get in touch with the experts in buy to let properties at North Property Group now.
North Property Group has been named as a finalist in this year’s Yorkshire Business of the Year Awards, hosted by The Business Desk.
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