Manchester’s property market set for another record year
Swathes of new developments are being completed across Manchester, providing a boost for the already thriving property market. In Manchester, the volume of property schemes forecast to complete this year is likely to break the current record for 2019, according to Deloitte’s Crane Survey. A big reason behind the growth expected for this year is a pipeline of 8,800 residential units. Over 2m sq ft of office space and 400,000 sq ft of retail, leisure and hotel floor place are also currently under construction, showing the impressive amount of development and growth coming to Manchester.
The latest Crane Survey found 27 schemes were completed in Manchester during 2019, which is the highest level since 2006 and the second highest since 1999. This has been predominately boosted by the residential market, as demand for living space in the city remains strong. During 2019, 3,619 housing units were completed and an additional 12,357 were under construction throughout Manchester. The city’s first student residential development since 2017 was completed last year, and 427,000 sq ft of office space was also brought forward.
Growing population in the city centre Manchester’s population is expected to dramatically increase, especially in the city centre. In summer 2019, there was even an 117% spike in people moving to Manchester compared to the previous year. The latest State of the City report from Manchester City Council revealed the city’s population is forecast to surpass 635,000 by 2025. And 100,000 more people are predicted to be residing in the city centre. This significant increase is expected to further boost Manchester’s residential property market.
Increasing demand in the rental market The significant growth in Manchester’s population, along with increasing job opportunities, is fuelling demand in the rental market. New office developments are expected to deliver 15,500 jobs, attracting more professionals and businesses to the city and further boosting demand in residential housing. Manchester was even recently named by landlords as one of the most attractive cities for buy-to-let in 2020. With the growing demand for rental properties, property investment in Manchester is expected to continue to offer lucrative opportunities to investors and landlords in the coming years.
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