Manchester is a city that’s been on the up for several years. With record levels of investment, new developments and a rising international reputation, there are clear signs that Manchester’s future is bright. This industrial city in the heart of the North of England has been cementing its reputation as the UK’s second city, and maybe perhaps challenging the first.
1. It is the most liveable city in the UK.
Manchester was recently voted number 35 in the world’s most liveable cities ranking. This was way ahead of London, which was further behind Manchester than ever before. The team who wrote the report praised Manchester’s resilience after the terrorist attack in 2017, it also gave Manchester an impressive score of 96.7 for culture and environment – recognising Manchester’s impressive legacy of music, sport and broadcasting. Tied with Hong Kong, a range of different metrics were used to determine Manchester as one of the best places to live in the world.
2. It is constantly being developed
There has been a steady programme of regeneration and redevelopment in Manchester. Schemes like the £1.5 billion Spinningfields development and MediaCityUK have brought increasing levels of investment and a new highly skilled workforce with them. Manchester’s increasing number of young professional residents need somewhere to live and developers have been quick to respond to this growing need. Property companies like RW Invest are a great example of the new properties available for buy to let investors – https://www.rw-invest.com/manchester-property-investments/. High-end apartments and student accommodation are especially in demand, with Manchester’s student population making up a significant proportion of the city.
3. Manchester’s Property Prices are On the Rise
Another clear sign that an area is on the rise is an increase in property prices. House prices in Manchester have grown by about 34% in the three years before July 2017. This is higher than the national average and is great news for investors who are looking for buy to let property that will increase in value. In 2017 the average two-bedroom flat in Manchester was worth £250,000, which represented a yearly increase of 8.7%. Property prices in Manchester are growing far faster than other areas of the country and catching up with the high prices currently expected in the south-east.
Manchester is increasingly attracting visitors from around the world. It has been featured on an impressive array of tourist guides, including the prestigious Lonely Planet Best in Travel Guide, where it came 8th in the world in 2016. In 2017 there was a 10 per cent increase in the number of overseas visitors to Manchester, with over 1.3 million tourists choosing the Northern city. With attractions like the Lowry, Manchester Art Gallery and the National Football Museum, Manchester is increasingly being recognised as a destination for international visitors.
5. Business is Booming
Manchester’s economy is becoming stronger and stronger, with high growth figures and employment opportunities. The Greater Manchester economy generated £56 billion of Gross Value Added in 2016. The city boasts impressive job prospects, which have been encouraging increasing numbers of skilled workers to move to the city for career opportunities. Outside of London, Manchester is the main UK city for business, finance and professional services – this sector employs a huge 324,000. The economy is also becoming more diverse with sectors like Creative and Digital growing rapidly, as well as Advanced Manufacturing and Sport.