Manchester has emerged as the leading English city for residential investment according to a new report. The city ranked third overall in the UK, trailing only Edinburgh and Glasgow. This ranking reflects Manchester’s robust economic performance and favourable property factors.
Strong Economic Performance
Manchester’s prominence in residential investment is chiefly due to its thriving economy. The city has experienced significant house price growth, with a remarkable 33% increase in the past five years. This growth far surpasses the average of 15% across 20 cities analysed in the report.
Positive GDP and Employment Indicators
Further reinforcing its position, Manchester’s GDP is predicted to grow at an annual rate of 2.2% over the next five years. This projection is higher than the 20-city average of 1.8%. Additionally, the city’s unemployment rate is forecasted to average a low 3.7% during the same period.
Population and Rental Market Insights
Manchester is also notable for its growing population. It is projected to increase by 1.14% per annum over the next decade. This growth is coupled with having the second-largest student population in the UK, following London.
High Proportion of Rented Accommodation
The city’s rental market is bolstered by a high number of students and young professionals. The continuous influx of these groups ensures consistent demand for rental properties.
Entrepreneurial Activity and Business Growth
Major corporations and government bodies have relocated their headquarters to Manchester in recent years. This movement has increased demand for housing and contributed to significant house price growth.
Government and Local Authority Initiatives
Additionally, the government’s new house building plans announced by Angela Rayner aim to address housing shortages. This strategic expansion is essential to support Manchester’s ongoing growth and investment potential.
Retail and Leisure Dominance
Manchester’s retail and leisure dominance is supported by a variety of venues. From cinemas and food outlets to bowling alleys, the abundance of leisure activities enhances the city’s attractiveness.
Research Insights and Data Analysis
Insights based on a variety of indicators can be tailored to investors’ core interests. These insights address economic factors, housing dynamics, and essential indicators for residents.
Comparative Rankings
Brighton made a notable rise in this year’s ranking, entering the top 10. This shift highlights the growing importance of commercial significance in various UK locations.
Manchester’s top position in Colliers’ report underscores its economic strength and investment potential. The city’s high growth rates in house prices, GDP, and population make it a prime location for residential investment. As Manchester continues to expand, strategic initiatives and development projects will support its sustainable urban growth.