Often touted as the UK's second city, Manchester has long been the darling of the UK property investment market.
Its low entry levels and strong rental market have seen the city attract investment worldwide.
While the local demand for inner-city residential property is undoubtedly one of the critical drivers of Manchester's meteoric rise, you could argue that an essential ingredient to the city's success is the regeneration of the inner and surrounding brownfield areas. Following the IRA bombing in the mid-'90s, the local council set a large-scale modernisation of the city's communal quarters and the places that sat ripe for conversion to residential use.
Manchester has a long and illustrious history built around cotton production, which boosted the local economy in the early 1900s, making the region one of the wealthiest in Europe. A side effect of this growth was the construction of many mills and commercial spaces built to support local industry, which ultimately became abandoned following the region's decline during the 1970s.
Today nearly all the city's mills have been converted to both office and residential property, breathing new life into the area whilst sustaining the city's heritage long into the future. Alongside these grade one listed buildings stand an array of new-build glass towers filled with young professionals looking to forge their path in this growing city.
The 21 – 30 age bracket is the demographic most closely linked to the continued push for ever more large scale residential property. Many of these people have stayed in the city following the completion of their university degrees at education bodies across the region.
In a bid to support this demand, developers have continued to look for more land opportunities within the boundary of the central ring road, known locally as the Mancunian Way (A57). As land has got increasingly scarce, developers are now looking to the local suburbs for more suitable opportunities.
Salford Quays, Eccles and Ancoats are now the key areas facing actual demand from renters, who want more internal space and access to larger green spaces. Manchester City Council responds to this shift, developing new transport connections to the surrounding areas whilst approving more commercial space from companies moving to the region.
Following the pandemic, many individuals are trying to return to the city and neighbouring areas, taking advantage of the relaxation of restrictions and increasing the number of persons looking for limited rental property resources. It's clear that now is the time to take advantage of property prices before they continue to shoot higher. With entry levels still affordable, Manchester has a long way to go.
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