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ManchesterYields: 6.65%
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Learn moreThe Second-Largest City Region Economy in the UK
Manchester has been recognised as an economic powerhouse, boasting a GVA of £78.7 billion (Gross Value Added is the value of goods and services made by an industry, manufacturer, area or region in an economy), making it the second-largest city region economy in the UK behind London. The city is a vital component of the Northern Powerhouse, due to the robust economy, it is emerging as a strong competitor to London. The city’s economy is predicted to grow by £2 billion between 2022 and 2026, with a projected average annual increase of 2.5% from 2024 to 2026, outperforming the national growth rate.
Employment Growth Rate is Currently 1.3%
An impressive 41,222 new companies were registered in Greater Manchester last year, resulting in an increase of 6.4% compared to 2022. The city is a magnet for many businesses, including well-known companies such as Amazon, BBC, and Kellogg’s. It has a £5 billion technology ecosystem and is home to 10,000 digital and tech businesses that are growing six times faster than the UK economy. Large digital companies like Klarna, Microsoft, Siemens, and Unilever also all have offices in the city.
Manchester’s large economy is partly due to the robust professional, scientific, technical, and financial businesses within the city. From 2024 to 2026 in Manchester, there is expected to be the fastest employment growth rate among UK cities, with job numbers rising by 1.8% each year. The national average employment growth rate is currently 1.3%, meaning Manchester is surpassing average growth.
The Establishment of Major Business Hubs
MediaCityUK has transformed from a derelict dock to a unique digital media hub in just 30 years. Since opening in 2012, this 53-acre site has become home to the BBC and ITV, alongside 250 other creative businesses. The growth of MediaCityUK is a key reason for Manchester contending with London. It is one of Europe’s largest media and creative hubs, holding film studios, radio stations, production companies, and creative agencies.
Manchester also houses Trafford Park, the first purpose-built industrial park in the world with over 9 million square metres of business space. Holding over 1,000 businesses and around 35,000 jobs, it remains one of the largest and most successful business parks in Europe.
Around 100,000 Students Enrolled in Universities
Manchester is globally recognised for its strong educational sector, with five leading universities known for their outstanding teaching and research facilities. Manchester Metropolitan University has recently invested £400 million into further improvement. The University of Manchester ranks 28th in the world for top universities. The city attracts a large number of students each year and currently has around 100,000 students enrolled across its universities. Over 27,000 of these are international students. This is one of the largest student populations across Europe.
Extensive Regeneration Scaling up the City
Billions of pounds have been invested into regeneration projects to upgrade and provide new infrastructure, including commercial, leisure and residential developments. The projects have transformed Manchester’s skyline and revitalised towns, creating a new and improved urban living environment and making the city an attractive destination for property investors.
There have been significant regeneration projects that have completely transformed the city. The projects have had such an impact, they have changed property investment in the UK as a whole. Many areas in Manchester are set to experience rapid growth in the coming years as a result of the regeneration. There are also numerous projects in planning for the coming years to further improve the city.
Excellent and Reliable Connectivity
Transport and connectivity are some of the most desirable features when looking for a property and Manchester is known for its exceptional connectivity. Manchester houses 92 national train stations, making connections to other cities within the UK more accessible. There is also Manchester Airport, the largest UK airport outside London, with direct flights to over 200 locations the airport creates access to cities across Europe in under 3 hours.
Furthermore, Manchester’s Metrolink is the second largest transport system and is the largest light rail network in the UK, with plans to expand in the next few years. It has a reputation for being one of the most reliable tram systems in the UK. The level of the city’s connectivity makes it an even more attractive business hub.
A Strong Property Market
Driven by a rise of young professionals and students, demand for rental properties in Manchester is strong, leading to steadily rising rental prices and a higher income for investors. The city consistently delivers rental yields above the UK average of 4.71%, with certain areas offering yields as high as 7%.
Property prices in Manchester are also more affordable compared to other cities, especially in the south. The average house price currently stands at around £249,000, with property prices seeing rapid, double-figure growth since 2021. Manchester’s stable market, impressive growth, capital appreciation potential, and vibrant culture make it an appealing destination for both overseas and local investors.
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