Spotlight On Manchester

Posted by The Landsite on 17th November 2022 -

As the first industrialised city in the world and second only to London in terms of popularity, Manchester continues to lead the way as a fantastic option to live, work and invest in.  As well as a dynamic city to live in, Manchester offers quality living at a lower cost compared to London rental rates.  Typically, a three-bedroom rental property on average in London will set you back approximately £3,290 per month, the same type of property is currently valued at approx. £1,758 per month in Manchester.      

Why invest in the Manchester property market? 

Despite the likelihood of a UK recession, the demand in property investment remains robust due to continued strong growth projections.  Many property investors from around the world are driving investment in the city’s housing market and commercial property markets according to Salboy. 

The growth is largely driven by millennials and younger generations looking for work opportunities and a more affordable lifestyle compared to the equivalent in London.  In 2020, data from the ONS revealed it was home to more 25 to 29-year-olds than any other UK region.

Research has also show that more and more London-based people and businesses in particular have been relocating to the region, and this is expected to continue in the coming years.  Greater Manchester has become not only the fastest growing city region in the North West but also has firmly cemented itself as the Northern Powerhouse. 

The current population of Greater Manchester lies at approximately 2.8million with Manchester city at around 553,000.  Projected by Manchester City Council, Greater Manchester alone will surpass 635,000 by 2025 with an extra 100,000 people expected to be living in the city centre. 

Thousands more homes needed across the North West

A report by the Building Back Britain Commission revealed hundreds of thousands of new homes are needed across the North and Midlands. There is a projected annual shortfall of up to 67,000 homes in Manchester, Liverpool, Birmingham and Bradford. This adds up to a need of 140,000 homes per year over the next two decades.

Specifically, Manchester requires the second largest rise in new-build homes. With the current housing assessment, 3,527 new properties are needed per year. This is expected to jump to 7,469 homes per year based on future growth. This report shows the number of high-quality property developments that are still needed in the growing city of Manchester. 

With the population over the next few years expected to increase even more, additional housing will be needed in the years to come. To keep up with this demand for growth, there is a number of exciting property projects being brought forward in the city and surrounding area. 

Areas of regeneration

Salford Quays & MediaCityUK

One of the most sought-after residential areas in the Greater Manchester area, Salford Quays sits on the Manchester canal and offers stunning waterside views for many apartment dwellers.  Home to the Daniel Libeskind-designed Imperial War Museum North and the Lowry cultural centre, Salford Quays has over the past ten years positioned itself as a global cultural centre alongside a vibrant social life offering some of the country’s best restaurants, bars, and nightlife. Over the past ten years, the BBC and ITV along with many other media and production centres have relocated to MediaCityUK in an overhaul of the area which has transformed the industrial hub of the Manchester ship canal, into an unrecognisable destination.  

 Piccadilly – The Kings Cross of the North

There are regeneration plans for the area surrounding the Piccadilly train station. The masterplan is set to create a vibrant and distinct new neighbourhood, Piccadilly Central.  The HS2 train commute time between London and Manchester is primed to shave time off the current schedule to only one hour seven minutes which will drastically increase the connectivity between the two cities. 

The new neighbourhood of Piccadilly Central is likely to have an impact on residents and visitors alike with a public square, community spaces, retail outlets, new streets, and first-class pedestrian connections. In addition, the site brings opportunities to provide much-needed new housing and employment spaces, which will make it a particularly exciting area of Manchester to live, work and invest in.

Piccadilly Central is expected to become an attractive and unique destination for residents and visitors alike – much like Kings Cross has over the last 10 years.

NOMA

NOMA is an £800 million, 20-acre mixed-use redevelopment scheme in Manchester. NOMA has become the biggest development project in the whole of the North West, ahead of developments such as MediaCityUK and Atlantic Gateway, and is focused on the redevelopment of some of North Manchester’s most neglected areas with new homes, offices, hotels, shops, restaurants and bars built around energetic urban areas.

Spinningfields

A £1.5 billion project that has essentially given the city of Manchester a new area, now home to much of the city’s financial community and restaurant scene. Spinningfields is named after a former street that ran near Deansgate and was designed to be Manchester’s “central business district”.

The Spinningfields project was spearheaded by Allied London, who set the ball rolling in 1997 when they purchased several buildings in the area around the John Rylands Library and were backed in their regeneration efforts by Manchester City Council, who were keen to see redevelopment in the city following the previous year’s bombing.

 

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