Top Reasons to Invest in Manchester

Reasons to Invest

Over the last decade, Manchester’s property market has performed remarkably. In particular, Manchester performed exceptionally well over the last year. The UK experienced a period of financially uncertainity, however, Manchester property prices continued to skyrocket. Over the next five years, Manchester is forecast to see the highest price and rental growth of any UK city. By 2024, the average price of residential property in Manchester is set to grow by 17.1%. This is on top of the 46.3% increase over the last decade, surpassing the UK average growth rate of 38%.

As a result, Manchester is evidently a stable choice to invest in as property prices are continuing on an upwards trajectory. As a result, the figures are growing four times faster than in London. For the foreseeable future, we can expect the trend to continue. Especially given the city’s strong economy and growing population.

Affordable Property Prices

On top of such lucrative yields, when compared to the South, prices in Manchester are relatively affordable. Currently, prices are around 30% cheaper than in London. According to Zoopla, the average price for property in Manchester stood at £208,792 in August 2021. However, experts have said that property prices are still below their peak, meaning there is scope for growth in the future.

On top of this, Manchester attracts plenty of residents hoping to take advantage of the affordable prices. For this reason, there is a huge undersupply of property. More people are arriving in Manchester creating a huge surge in population. As a result, the city is falling short of properties. With the population increasing by the day, it’s no wonder most experts are predicting prices to rise in Manchester for some time to come.

CityRise Verdict

Choosing the right location for an investment can be the most difficult decision of all. Investors want to feel confident that their property will grow in value over time, ensuring they achieve the highest returns on their investment. Manchester is undoubtedly a solid and faultless choice to invest in. Prices are significantly lower than in London, but the economies are competing at a near-equal level. On top of this, Manchester is facing a vast housing shortage alongside high, increasing demand. As a result, the rental market will remain robust thanks to prices increasing on an upwards trajectory.