It is reported that there has been a 117% rise in the people moving into Manchester city centre apartments. Select Property Group, one of the UK’s leading property investment specialists, accredit this influx in Manchester’s property scene to the fact that ‘the city is “hugely appealing to younger generations” thanks to sustained economic and employment growth.’ They also went on to emphasize how businesses and young people appear to be leaving London and heading North in search of employment opportunities and better standards of living, which is great news for property investors as well as those working in property in Manchester or those looking for property jobs in Manchester as well.
This astounding figure was released by JLL, a leading company in the property and investment industry, which identified the 117% spike in the number of tenants moving into city centre apartments in Manchester compared to the same period from the year before. This was also complimented by the fact that the team also saw a 103% increase in lets agreed in July 2019, compared to those in July 2018. This is great news for JLL who continue to find success in the city. Over the past year, the company have had the launch of a new BTR development in the Northern Quarter and are currently completing a project for over 350 apartments for Muse Developments and Peel Holdings.
Louise Emmott, Head of North West Residential at JLL attributes the city’s current success in the property market to an array of attractive qualities that has drawn people in. She states how ‘Manchester has so much to offer – its teeming with culture, sport, a world-class food and drink scene and a booming night-time economy. This paired with the area’s impressive business credentials, means that it’s hugely appealing to younger generations that want the big city feel but can’t afford or access London.’ The issue of the cost of living is definitely something Emmott also attributes to the property boom that Manchester is experiencing, highlighting how ‘as young people are priced out of the capital’ it appears that Manchester has become their first choice. She looks at how as more and more people have flocked to the city there has naturally been a slight increase in the price of buying and rental and even though that increase is ‘always a sign of a healthy local economy’, she states that we have to ‘be mindful that one of Manchester’s key attractions has always been its affordability’ so it is important that ‘it doesn’t price itself out of the market’ something that JLL is ‘very conscious of.’ When it comes to affordable city living in the UK, Emmott also identified Liverpool as a ‘serious contender nowadays’ which is excellent news for property jobs in Liverpool and also means that this corner of the North West is becoming a real contender when it comes to supporting the country’s economy.
This boom in Manchester’s rental property market is very significant as ‘while Manchester’s appeal endures, we’re seeing more international business recognise the importance of shoring up their operations in Northern England, and recognise Manchester as an idea location’ and more and more UK based business appear to be turning to the city as well as they look to “north-shore” parts or all of their offices. It appears that for Manchester’s property scene the only way is up as the industry goes from strength to strength. It is very exciting to watch this Northern city thrive and to experience the positive impact it is having on property jobs in Manchester as well.
Written by Rachael Gray.
Rachael Gray is a Director at Clifton Gray specialist property recruitment company. Follow Rachael on linkedin or email email@example.com to discuss current Liverpool and Manchester property jobs, or to find out how Clifton Gray can secure the best talent for your property business