It’s common knowledge that the Manchester property market is currently in a much healthier state than London’s, however, it has to be acknowledged that it takes very little to be in better condition than a market which is currently stagnating.
Fortunately, even looking at the Manchester property market in objective terms (i.e. taking comparisons with London out of the equation) and all the signs continue to point to a bright future for the Manchester property market. Manchester estate agents Indlu look at the reasons why Manchester’s property market continues to flourish.
Manchester is hugely attractive to younger people
By any statistical measure, Manchester is a place where young people want to be.
Growing numbers of young people from Manchester are choosing to go to university in Manchester and staying in the city after they graduate.
Increasing numbers of young people from outside the city are going to university in Manchester with the result that it is now the UK’s second-biggest market for student property and growing numbers of them are staying in the city after they graduate (or returning to the city after graduating from another institution).
Last, but by no means least, more and more young people from London (and the South) are moving to Manchester, in search of a city lifestyle at a vastly more affordable price. This provides a solid foundation for the long-term health of the Manchester property market.
International investment benefits everyone
Manchester is not just on the radar of UK-domestic property investors, it is now very firmly “on the map” across the world and is especially popular with investors from Asia, particularly China.
Investment funds help to sustain the level of (re)construction needed to ensure that Manchester continues to reap the benefits of being affordable as well as attractive.
To put the need for property into perspective, according to data from JLL, during the month of July there was a 117% increase in people moving into apartments in the city and a 103% increase in lets agreed.
The market for commercial property is similarly robust, reflecting the city’s booming economy, which is in an excellent position to weather the storms of Brexit.
Brexit may be a short word, but it’s spending a long time at the forefront of life in the UK.
While the south of England has been very open about its dislike of Brexit and its fear of what separation from the EU will mean, the north of England has largely adopted an attitude of “keep calm and carry on”.
This may be, at least in part, because the economy in the north of England is, arguably, much better suited to dealing with a hard Brexit without any significant interruption.
There are three main reasons for this.
First of all, it is much less focused on financial services.
Secondly, it contains no fewer than four prestigious universities and yet remains an affordable place to live, which means that it can reasonably expect to continue to attract students.
Thirdly, many businesses in Manchester already operate on a global basis, which is likely to serve them well in a post-Brexit world.
In other words, it seems very unlikely that the city will experience the sort of economic turmoil which would devastate the job market and, by extension, the housing market.
For more information or for a free online house price estimate, please contact the team at Indlu.