Manchester is a modern cosmopolitan city that has been rapidly gaining popularity among homebuyers.
The third biggest city in the United Kingdom, it is becoming London’s nearest rival on the real estate market.
Furthermore, the pandemic has driven people out of the bustling capital, resulting in the biggest number of homes bought by Londoners outside of the city since 2007.
It appears that most of them sold their properties in London to purchase a more affordable option elsewhere.
Meanwhile, Manchester keeps growing, both in industry and population.
At the moment, there is a great variety of new residential developments being built in the city.
You can keep an eye on the number of new build homes for sale on Korter, an online platform that offers up-to-date information on Manchester’s real estate market.
Now let’s see why people invest in Manchester property in 2022.
Affordable Property Prices
On average, real estate in Manchester costs £217,831, which is slightly below the United Kingdom’s average property price.
Meanwhile, the average price for a property in London is over £600,000. Below-average house prices, coupled with some of the fastest-growing rental yields in the United Kingdom, make Manchester an attractive place for real estate investments.
Transport Connectivity
The city is equipped with a well-developed transport system, which includes buses, trains, and trams.
There are two railway stations that allow Mancunians to reach London in a little over 2 hours and Edinburgh in less than 4 hours.
In addition, the city has the third busiest airport in the United Kingdom, behind London Heathrow and London Gatwick.
Business Hub
Attracted by its affordable real estate and great transport connectivity, numerous companies and startups have chosen Manchester as their home, including BBC and ITV.
Known as one of the best tech cities in Europe, it excels in a wide array of sectors, including life sciences, cyber-security, FinTech, healthcare, and manufacturing.
MediaCityUK, in particular, has had a huge impact on the city’s digital and creative scene.
Creative Sector
Home to some of the most iconic music venues, art galleries, and theaters, Manchester has a vibrant art community.
The city has produced some of the country’s most popular bands, such as Oasis, The Smiths, and Joy Division.
The so-called Britain’s new cultural capital also hosts the bi-annual Manchester International Festival that regularly attracts huge crowds of visitors.
Education
Five of the UK’s leading universities reside in Manchester, attracting an abundance of students from all over the world and making the student property market in Manchester an amazing investment opportunity as there is a constant demand for new student accommodation.
The luxury and high-end student apartment market is particularly thriving thanks to overseas students who prefer real estate of a higher standard.
Manchester Regeneration
New high-rise developments keep transforming Manchester’s skyline.
Due to a multi-billion-pound regeneration scheme, the city’s infrastructure has significantly improved.
However, there are still plenty of regeneration projects under way, providing numerous investment opportunities.
To make sure that you won’t miss a great real estate opportunity, you can monitor all new build developments right here.
Football
It wouldn’t be right if we didn’t mention two football giants that reside there as Manchester United and Manchester City have also contributed to Manchester’s success.
Apart from attracting tourists and adding billions of pounds to the local economy, the two iconic football clubs create more jobs for Mancunians.
Conclusion
There are a plethora of reasons to invest in Manchester’s real estate market.
The city has a huge potential that hasn’t been fulfilled yet as well as a wide range of properties and areas, providing plenty of opportunities for investment.
However, when investing in something, it’s also important to find the right time. Seeing as Manchester is following hard on the heels of London, there is a risk of missing your chance to make a good investment.
Make sure to carefully monitor the market before making your move.