Looking to invest in London property? Think again! Leading property advice specialists, CBRE, have named Manchester as the top property investment region in the UK, securing the Northern city’s position as a key city. With its strong economic growth, coupled with its diverse culture, Manchester is the envy of cities across the country, with £8.2 billion worth of investment coming into the city over the past ten years.
Having a solid track record of delivering higher yields, cheaper property prices and stronger capital growth than London, Manchester is becoming extremely attractive to investors from not only those living in the UK, but from around the world.
The ‘Northern Powerhouse’ initiative has meant that all eyes are now firmly resting upon Manchester. Over the next few years the government plans to create an ‘economic powerhouse’, with Manchester becoming the beating heart of the operation. This will mean even more money coming into the city as investment in transport, business and construction will secure Manchester’s status as a leading economic city.
A £1 billion expansion of Manchester airport was announced in 2015, signalling the biggest single construction project Greater Manchester has ever seen. This will mean larger terminals, bigger capacity and more jobs so that by 2050 passengers levels will have more than doubled to 55 million a year, demonstrating the importance of Manchester has a global gateway to the world.
The high speed rail network HS2 is central to the airport scheme as journey times between Manchester and London will be dramatically cut to just one hour. Securing this connection between the North and South could mean huge economic gains for Northern cities, with huge job growth, a population surge and an increase in visitors. This will mean that Manchester will need to focus upon meeting the needs of the growing city and its increasing population, where currently the city has one of the lowest levels of housing supply in the country.
With an exciting future ahead for the city, all eyes are certainly on Manchester.
GURU top tip: Remember that location is key when deciding on a solid property investment purchase. Make sure to research the UK for up and coming areas. A good indicator is to see how much money is being spent in an area. Money spent on transport links, amenities and redevelopment will attract companies and people to the area – and these people will be looking for somewhere to live!
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