The Manchester Property Market
Manchester will become the fastest growing city outside of the south of England over the next three years, according to a report last year by Ernst Young.
Manchester’s gross value added (GVA) is forecast to grow by 73% (averaging 3.7% pa) between 2014 and 2034, outpacing the projected wider regional growth over the period.
A growing number of people are choosing to live in Manchester, with the population rising over threefold from 7,000 in 2001 to 25,000 in 2016. This trend is set to continue as the Northern Powerhouse gathers momentum with an anticipated 50,000 new homes needed to match the growth of the city by 2040.
Despite demand, supply of homes so far in the regional centre has been slow, particularly since the global recession and given the size of the city. At current levels it is anticipated that supply will struggle to keep pace with future demand. Current gross yields are higher than in most other large cities in the UK and considerably better than those in London. Rental growth prospects are also strong given the anticipated population growth and future lack of supply.