According to recent reports be Manchester city council the population in city centre could increase by 65% by 2026.
Institutional and private investors are driving investment levels in Manchester’s property market, attracted by its strong growth prospects. According to Bisnow Manchester’s GDV has been growing by 6.5% per year.
According to Deloitte, manchester city centre now has more skyscrapers than any North American city (except for Toronto), with a record 64 cranes recorded above the city last summer.
Studies by Savills suggests that close to £2 billion invested into Manchester’s commercial property sector by international investors between 2015-2019, with the fastest growing level of spend registered by American and Asian investors.
Furthermore, the number of institutional investors has also increased significantly and some of the large pension funds such as Aviva, Legal & General and DWS, have recently invested circa £600,000 in Manchester’s property market.
By 2026, extra 35,000 new residents will move into Manchester city centre with the Deansgate (63%), Piccadilly (61%) Ardwick (62%) are the most popular destination for these individuals.
With Manchester boasting some of the strongest economic levels in both the UK and Europe – and with population growth continuing to put a strain on current supply levels in the city’s residential property market – it remains as one of the favourite investment hotspots for property investors.