Recently named one of the top cities in the world, Manchester has quickly become one of the most attractive places to live and work in the UK. As many people flock to the ‘capital of the north’ to seek an exciting career or live amongst the vibrancy, property investors are seeing a huge opportunity in the market to invest in Manchester property in 2022.
In a survey by Time Out, 27,000 city-goers named Manchester the third best city in the world, beating the once adored luxuries of London, and with only Amsterdam and San Francisco in its way of the top spot.
With incredible culture, exciting developments and many investment opportunities, it is no wonder that Manchester is thriving. Here at Knight Knox, we believe the appeal of the Northern Powerhouse is only going to continue to grow at an impressive pace as 2022 draws on.
As a budding investor, it’s good to know the possibilities and advantages of the location you decide to invest in.
In this article, we discuss the reasons why you should invest in Manchester property in 2022.
Rental growth is at an all-time high
Over the next five years, Manchester is expected to see the highest rental growth of any UK city. Rents are expected to increase to 16.5% over the next few years, expressing the growing demand for bigger and better developments. Despite impressive rental yields, rents and house prices remain incredibly affordable – still making Manchester a very desirable area to live in and for investors to invest in.
As rental yields grow rapidly and house prices remain modest, investors and renters alike will reap great benefits from the flourishing city.
A prospering city for businesses and students
With five progressive universities leading the way in teaching, Manchester attracts many students each year to study and live in the city. While the number of student bed spaces is currently at 24,000, there is an undeniable demand for purpose-built student accommodation to take the reins – an investment opportunity difficult to ignore, considering the number of students from overseas looking for higher quality accommodation.
As the most successful city for attracting foreign direct investment outside of London, Manchester is growing to be the leading European business destination with plenty of talent sourced from local universities to pick up the pace. In the ‘Data City for the UK’s Top Digital Tech Cities‘ report, Manchester was said to outperform all other major UK cities in fields including data, AI, eCommerce, IoT, MedTech, cyber, construction tech and more.
Graduates have found that staying in Manchester after their studies offers far more working opportunities than other cities – keeping business levels high and investment strong. The city has seen its graduate retention rate reach 60% in recent years, with young people making up a large percentage of the city centre’s housing stock.
An unmissable investment opportunity
Manchester’s digital scene has led the city to become one of the most innovative sectors in creative technology. The digital ecosystem is currently resting at £5 billion, and investors are discovering how simple it is to capitalise on such a proliferated location.
Over 5,000 people move into the city centre each year, and the population could reach over 100,000 by 2025. Manchester has something to offer everyone, from sports and leisure to its high profile music scene, the city is bursting with exciting lifestyle prospects.