The state of Manchester’s property market .
We look at the booming Manchester property industry and find key facts and figures that point at why the growth in the market has occurred and what this means for the long-term future of the city centre.
· An influx of students.
· Investment in Build-to-rent
Influx of students
In Manchester the prospect of City living gives university students the freedom to live in an area where they can enjoy nightlife and daytime shopping within a 10 minute walk of their accommodation. This is one of the reasons for the massive rise in student accommodation across Manchester with almost 350,000 students living within an hour’s drive of Manchester and 85,000 of these students based in the city centre.
The massive influx of foreign students is having an impact as well, with the University of Manchester alone having over 13,505 international students .
‘ The Average house price growth in Manchester over the next five years is expected to be 4.2%’
Salford, now transformed by the impact of MediaCityUK with over 80 media organisations using it as their HQ including the BBC and ITV which attracts the creative industry’s best talent, who now live and work around Salford and central Manchester.
This is driving the need for home building which is being outstretched by demand, with a report by estate agents and letting company Savills, who suggest that the 7,000 new homes currently in development in Manchester are not nearly enough to support the growth in Manchester’s economy, which will grow 15% between the years 2017 and 2024 according to Oxford Economics .
The rise of build-to-rent
There are currently 30,000 apartments in Manchester city centre and between now and 2020 there will be 13,000 new residential apartments’ in the centre of Manchester. These schemes are designed around young professionals coming out of university with a new job and money to spend, which is intended to make everything about renting easy, at a premium price, the range of residential properties is apparent.
Overall the rental property sector of Manchester now constitutes Two-thirds of the city centre’s housing stock, with build-to-rent accounting for a large proportion of the 30 new residential developments currently being built.
This means that there is a lot of money and people pouring into the already competitive Manchester property sector but is demand is being reached or is the economy needing more?
Though with the influx of a never-ending student and young professional demographic, the future is looking prosperous for Manchester with the airport doubling the size of terminal 2 and Amazon relocating their research team to the north it’s obvious that the Manchester economy and the requirement for living space is only going to grow.