New research from Deloitte Real Estate’s Manchester Crane Survey has revealed that Manchester is one of Europe’s fastest growing cities, with construction beginning on 20 new schemes in 2017 and work rate on residential developments 60% higher than the year before.
And if you have the pleasure of living (or visiting) Manchester, the change happening is abundantly clear to see. The city skyline is busy with cranes and the city is enjoying a new lease of life thanks to a global change in attitude toward this powerhouse of culture and industry.
The study is one of many stories pinpointing the success of the city and wider Greater Manchester region. Investment is booming, tenant footfall is increasing and improvement in infrastructure has resulted in demand for both residential and commercial developments going through the roof. Only last week Jake Berry, Northern Powerhouse minister, described Manchester as ‘fizzing with excitement'.
Simon Bedford, partner at Deloitte Real Estate, commented on the results of the Crane Survey, "Manchester has firmly established itself as one of Europe’s fastest growing cities. Backed by significant investor confidence, a strong business community and an influx of new talent, the demand for property particularly in the residential market has never been more evident."
He continued, "Manchester’s ability to attract commercial investment has not waned and businesses are demonstrating a desire to settle in the city."
The popularity of Manchester as a destination for buy-to-let investors has resulted in a house price increase of over 35% in the last five years and similar rent rises, meaning that yields and capital appreciation in the city are both promising for investors.
We are sure that 2018 will be another record breaking year for Manchester, and the UK’s North West as a whole.