The Manchester Success Story

21st April 2021

By Will Leyland

When we look back through 2020 and 2021, the story may well be written to tell a narrative of a V-shaped recovery.

A recovery that, for some time, looked quite far in the distance, but once things started to improve, came back into focus sharper and larger than we’d expected.

It’s hard to imagine that many people had predicted that the property market in the UK would flatline, however, the performance was surprisingly strong throughout the year.

Similarly, whilst the economy entered recession briefly, many had wondered whether this may signal a more prolonged dip. As the country started to lift restrictions, however, the bounce back has been much better than many assumed it would be.

There are preliminary figures reported for retail from the opening last week that suggest many had bumper weeks, taking in huge amounts of revenue, even more than expected as cash rich and frustrated shoppers returned to the high street in droves.

The story appears to have been similar in many cities and towns across the country. That is to say, that they’ve coped much better than expected and are looking forward to a strong 2021 and beyond.

Manchester

No city seems to be a better example of this than Manchester, where local politicians and businesses are reporting that the local economy is bouncing back strongly, with figures suggesting a very strong return to some normality.

To underline this recovery plan, politicians and business leaders recently released their vision for Manchester in 2021, named ‘Building a Greater Manchester, Making a Greater Britain’.

The aim, as stated in the plan’s release, is to “bring together Greater Manchester’s public and private sectors, educational institutions and specialist facilities to attract research and development funding and drive economic growth. This will be particularly targeted at frontier sectors identified by the Local Industrial Strategy: health, digital, clean technologies and advanced manufacturing and materials.”

This represents an exciting vision for the city and shows the city region’s ambition to return to the staggering growth from before the pandemic.

Whilst the city is rightly looking towards its business future, perhaps its strongest economic feature is the local property market.

Manchester property

In a report for the Financial Times, Antonia Cundy wrote of Manchester’s booming property market. In her report, titled “Manchester’s property prices keep moving on up”, Cundy writes about the remarkable success of the local housing market in such trying economic times.

Cundy also writes about the booming market for luxury apartments in and around the city, saying “This recent uptick in prices has surprised some experts, who had cautioned that record-breaking years of development between 2016 and 2018 could flood the market. Despite 35 schemes completing during 2020, according to Deloitte’s 2021 Manchester Crane Survey, bringing 5,000 new homes to market during a pandemic — the highest number in a single year since Deloitte’s records began in 2002 — prices have not dropped. The development of expensive, luxury homes has helped to keep prices high.”

This speaks of a truth that many in the city have known for some time, that a young and wealthy population which is growing quicker than anywhere else in the UK have been keeping demand for these types of property very high.

Despite Manchester constructing new-build apartments at a faster rate than nearly anywhere else in Europe, the city hasn’t seen prices drop and has also seen rents stay level during the pandemic despite London seeing rents drop by nearly 10%.

If we take this impressive performance in the context of the rest of the UK, and indeed Europe, and include the city’s plan to grow even faster in 2021, then it’s safe to conclude that 2021 and beyond could be some of the best years in recent history for the city’s property market.

With things standing so strong during a pandemic, it’s right to assume that many will now be looking to get more involved and gain more exposure to the Manchester property market, so now would seem to be the time to make your enquiries and bring forward those plans you may have to invest this year.

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The Manchester Success Story

21 April 2021

When we look back through 2020 and 2021, the story may well be written to tell a narrative of a V-shaped recovery.

A recovery that, for some time, looked quite far in the distance, but once things started to improve, came back into focus sharper and larger than we’d expected.

It’s hard to imagine that many people had predicted that the property market in the UK would flatline, however, the performance was surprisingly strong throughout the year.

Similarly, whilst the economy entered recession briefly, many had wondered whether this may signal a more prolonged dip. As the country started to lift restrictions, however, the bounce back has been much better than many assumed it would be.

There are preliminary figures reported for retail from the opening last week that suggest many had bumper weeks, taking in huge amounts of revenue, even more than expected as cash rich and frustrated shoppers returned to the high street in droves.

The story appears to have been similar in many cities and towns across the country. That is to say, that they’ve coped much better than expected and are looking forward to a strong 2021 and beyond.

Manchester

No city seems to be a better example of this than Manchester, where local politicians and businesses are reporting that the local economy is bouncing back strongly, with figures suggesting a very strong return to some normality.

To underline this recovery plan, politicians and business leaders recently released their vision for Manchester in 2021, named ‘Building a Greater Manchester, Making a Greater Britain’.

The aim, as stated in the plan’s release, is to “bring together Greater Manchester’s public and private sectors, educational institutions and specialist facilities to attract research and development funding and drive economic growth. This will be particularly targeted at frontier sectors identified by the Local Industrial Strategy: health, digital, clean technologies and advanced manufacturing and materials.”

This represents an exciting vision for the city and shows the city region’s ambition to return to the staggering growth from before the pandemic.

Whilst the city is rightly looking towards its business future, perhaps its strongest economic feature is the local property market.

Manchester property

In a report for the Financial Times, Antonia Cundy wrote of Manchester’s booming property market. In her report, titled “Manchester’s property prices keep moving on up”, Cundy writes about the remarkable success of the local housing market in such trying economic times.

Cundy also writes about the booming market for luxury apartments in and around the city, saying “This recent uptick in prices has surprised some experts, who had cautioned that record-breaking years of development between 2016 and 2018 could flood the market. Despite 35 schemes completing during 2020, according to Deloitte’s 2021 Manchester Crane Survey, bringing 5,000 new homes to market during a pandemic — the highest number in a single year since Deloitte’s records began in 2002 — prices have not dropped. The development of expensive, luxury homes has helped to keep prices high.”

This speaks of a truth that many in the city have known for some time, that a young and wealthy population which is growing quicker than anywhere else in the UK have been keeping demand for these types of property very high.

Despite Manchester constructing new-build apartments at a faster rate than nearly anywhere else in Europe, the city hasn’t seen prices drop and has also seen rents stay level during the pandemic despite London seeing rents drop by nearly 10%.

If we take this impressive performance in the context of the rest of the UK, and indeed Europe, and include the city’s plan to grow even faster in 2021, then it’s safe to conclude that 2021 and beyond could be some of the best years in recent history for the city’s property market.

With things standing so strong during a pandemic, it’s right to assume that many will now be looking to get more involved and gain more exposure to the Manchester property market, so now would seem to be the time to make your enquiries and bring forward those plans you may have to invest this year.

Will Leyland

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