The uncrowned capital of the north, Manchester is a city defined by the success of its sports teams and musicians.
That hunger to succeed seems to have seeped into every element of the city, with construction at its highest levels since the recession and regeneration projects transforming previous no-go areas into thriving communities.
Backed by huge levels of government investment, a rising youth population, and relatively cheap costs, the city looks ideally suited for investors. Therefore, we’ve rounded up nine of the best reasons to invest in Manchester, below:
Its buy-to-let Market is the Best in Britain
Thanks to its large population of students and young professionals, Manchester’s rental market continues to go from strength to strength.
Landlords, who already benefit from the low cost of house prices compared to other areas in the UK, also get an added benefit of one of the highest paying areas in Britain when it comes down to yields.
It’s the Best Place to Live in the UK
Manchester has been voted as the best place to live in the UK for the past two years by the Economist Intelligence Unit.
Each year, the company ranks 140 of the biggest cities worldwide out of 100 on a range of factors such as education, culture and infrastructure. For 2016, they awarded the Northern city a score of 88.8 out of 100, placing it 43rd overall.
It’s Receiving Huge Levels of Commercial Investment
Manchester was the beneficiary of £2.3 billion worth of commercial property investment in 2014 and 2015 – the highest of any city outside of the capital.
Its nearest rival, Liverpool, received £979 million over the same two-year period.
It’s Considered Vital to the government’s Northern Powerhouse Scheme
The government’s Northern Powerhouse scheme is seeing record levels of investment in transport, infrastructure and science across the North West in an attempt to push economic growth outside of London.
It is hoped that by improving the connectivity between cities such as Manchester, Leeds and Liverpool, businesses will be able to thrive in the region like never before.
Its Economy is Booming
Greater Manchester’s gross value added (GVA), the figure used to evaluate the services or goods an area produces, is predicted to grow by nearly a third (32%) by 2024.
Even at its current levels, the city’s GVA already stands higher than the Northeast, West Yorkshire and Merseyside.
Its Population is Expanding
The population of Greater Manchester is set to expand by 128,000 over the next decade, with 110,000 jobs created over the same time period.
Its Property Market is About to see Record Growth
The cost of property in Manchester is set to rise by 20% over the next four years, a number that is higher than anywhere else in the country.
Experts attribute this projected rise to the city’s ability to attract a number of start-ups and established businesses that are in turn making staying in Manchester an attractive proposition for graduates.
It is Building
Property construction in the city is at its highest levels since 2008, with a 50% increase in the number of residential units built over the last 12 months.
The local council have also granted planning permission for a further 20,000 new homes to be built in and around the city centre over the next five years.
Its Football Clubs Attract Huge Foreign Interest
In terms of raising the profile of the city, nothing has helped Manchester as much as the success of its football clubs.
The Premier League is currently broadcast in over 225 territories and reaches an audience of close to three billion on a weekly basis. That exposure has turned Manchester United and Manchester City into clubs with huge worldwide fanbases.
As a result, one in ten visits to the North West of England from overseas visitors now includes going to a football match.