Manchester, the UK's Cultural Capital and second city, has long been among the country's most modern, diverse and vibrant destinations. But, particularly since the 2002 Commonwealth Games, it has increasingly seen more investment and regeneration. The result is that it has been constantly evolving and growing. This has transformed the city and made it one of the most sought-after places in the country.
As a result, many are seeing the benefits of investing here. Manchester is home to a number of head offices across a broad range of industries. But it's not just prominent companies, it's also popular with start-ups too.
The city is a hub for media, digital and creative industries with huge investments made in this
Sector. The city is now home to MediaCityUK which houses the BBC and ITV. This is located in Salford, an area of the city previously below the radar.
It's perhaps then, not surprising, that Manchester has the largest economy outside of London, which is significantly boosted by foreign investment.
Manchester is also a student city, with two universities. Many stay after graduation for the job opportunities available in the city. Competitive salaries coupled with a low cost of living is, after all, attractive to youngsters. Manchester's cultural attractions also ensure it is the country's third most visited city.
Transport connections are also set to improve here, adding to its investment potential. The high-speed train line, HS2, will make it easy to get in and out of the city and cut the journey time between London and Manchester in half. This will mean travel to the capital takes just an hour.
In line with this, property investment has grown significantly in Manchester over the past few years as many investors move away from the capital and start to look to the North. The city has many of the same benefits as investing in London but with one clear attraction for investors that they don't get in the south - affordable property prices that are significantly below the national average.
The city in numbers in 2018, according to Alliance Investments:
● Manchester yield average: 5.4%
● North West yield growth: 21.6%
● Manchester rental price growth: 5.76%
● Manchester average house price: £167,800
● North West projected capital growth for 2022: 16.4%
● Manchester projected capital growth for 2027: 93%
● Manchester average salaries: £26,544
● Manchester population increase: 149%
● Manchester job growth: 84%
According to This is Money in 2018, house prices will increase 30% by 2022 - showing that there's no time like the present to capitalise on the investment potential in this sector.
Property Hub explained: "Prices are rising rapidly, yet yields still average twice those on offer in London. Around 30 per cent of Manchester's housing stock is in the private rented sector, with a six-figure student population underpinning demand for HMOs and flats."
Yet no investment should happen without research. It's important for outsiders to spend some time here to get a feel for the geography of the city and the businesses, people and attractions that make it tick. Book a hotel, hire a car and get a feel for why people have been drawn to investing in the city.
You'll quickly see why this cultural capital has cast its spell on entrepreneurs and real estate investors alike.
* This is a contributed article and this content does not necessarily represent the views of realtytoday.com
