The country’s GDP experienced a major contraction during the peak of the pandemic and has since noticed a rapid surge in recovery.
Manchester is known as the second major powerhouse after the capital, with a £62.8bn economy and much more affordable housing than London. The city is very well diversified and has the growing tech, media, and property sectors that have limited the damage from Covid-19 lockdowns. Having a deeper tenant pool often leads to lower vacancy rates. Therefore, it becomes a much more stable and attractive place to choose for property investors.
The population of Manchester is nearly 600,000 and is set to grow by another + 50,000 by 2034. Therefore, the land is becoming more of a limited commodity, and this dual factor drives, not just economic growth but property prices.
In addition, the geographical proximity of the city can put forward the reason that Manchester has much more room for growth. For instance, it is within a short commute away from Liverpool, Leeds, and Sheffield all of which are growing economies.