Why is Manchester Considered a Property Investment Hotspot?
Are you attracted to the idea of becoming a property investor?
Have you ever considered investing in Manchester?
This bustling metropolis has become a real estate investment hotspot in recent years due to the astounding economic and infrastructural revolution the city has undergone over the last decade. There is a multitude of property investment Manchester opportunities available to real estate investors.
Have a look at the main reasons why this hotspot is the right choice for real estate investment in the UK.
Rapid population growth
Manchester has gradually turned into a property investment hotspot because of the fast-growing population. The number of residents grows more rapidly in comparison with some of the largest cities in England such as London, Birmingham, Leeds, Sheffield, etc. The student population is largely responsible for Manchester becoming a hotspot for real estate investments.
Every year, after completing their studies, approximately 20,000 students decide to continue living in this bustling city instead of moving back to their home towns. Consequently, Manchester is renowned for having one of the youngest population in England, accounting for sixty percent of the citizens. The largest part of the inhabitants is aged between twenty-five and thirty.
Given the vast number of students, the demand for rental properties in this city is always on the rise. Manchester boasts one of the highest average rental yields in England of 5.55%, which makes it an excellent location for investing in buy-to-let properties. Also, the surprising influx of residents deciding to make this city their home explains the increased demand for residential properties.
The flourishing economy of Manchester is why property investors consider this city an attractive location for real estate investments. This metropolis has experienced an economic renaissance in the last decade, seeing an economic growth of 42%. A myriad of leading companies has decided to move their operations in this city, thus offering new job opportunities for its residents. Read more about the economy of Manchester when compared to the other cities in the northern region.
Due to the incessant economic growth, this metropolis has become a hotspot for young professionals starting a career there after graduating from the University of Manchester. While studying and working in this city, young people need a place to live, hence renting properties. Approximately 70, 000 jobs are forecasted to become available to citizens by 2026. As a result, investing in a buy-to-let property is undoubtedly a wise decision to make.
Another reason why property investors decide to invest in this metropolis is the remarkable transport infrastructure, which is constantly undergoing improvements. This real estate hotspot provides a variety of transport alternatives to both inhabitants and visitors. Individuals can easily travel not only to the south of England but also to anywhere in the UK.
Moreover, the high-speed 2 railway, expected to be completed in ten years, will connect the city of London to Manchester, Birmingham, and Leeds. Once the project will be over, residents of this city will be no more than one hour away from the capital. Nowadays, inhabitants need at least two hours to travel to London. Besides the upcoming railway project, there are significant investments into the road network and airport.
Manchester is touted for the diverse lifestyle, providing entertainment to citizens and visitors of all ages. While students enjoy all-night dancing in clubs and bars, older residents take advantage of the picturesque countryside this city provides. For instance, shopping in this metropolis is a unique experience owing to the array of exclusive shops, malls, and independent boutiques.
As far as nightlife is concerned, it is abundant in traditional pubs, rooftop bars, and nightclubs. The largest part of nightclubs is open every single day in order to provide entertainment for the vast student population. When it comes to eating out, residents enjoy a diversity of cuisines, such as French, Spanish, Italian, and Mexican cuisine. See this link, https://www.huffingtonpost.co.uk/entry/manchester-is-third-happiest-city-in-the-world-according-to-time-out_uk_5c87db78e4b038892f47c38f, to learn why Manchester was named the third happiest city in the world in 2019.
Investing in a rental or residential property in this lively metropolis is a smart move.
It offers a lot to investors, residents, and visitors!