Key figures from Manchester’s local government and the investment industry have highlighted the potential in the city’s real estate market.
- Manchester’s property market and its potential for institutional investors has been highlighted by key figures in the city at Insider’s ‘100 Days After The Election’ breakfast event
- The impact of the Northern Powerhouse was keenly debated, with one delegate claiming devolved mayoral powers have helped Manchester to give “the property sector confidence”
- Manchester is one of the UK’s fastest growing cities and property yields in the city are surging
Manchester, the Northern Powerhouse and institutional property investment opportunities have been discussed by some of the city’s key figures at a recent business event.
Leaders from Manchester’s council, investment and financial sectors came together at Insider’s ‘100 Days After The Election’ event and discussed the role Manchester is playing in the government’s Northern Powerhouse plans, as well as highlighting the investment opportunities currently available to institutional investors.
Manchester will be the first UK city outside of London to have its own elected mayor in order to benefit from devolved powers and greater control in areas such as a healthcare and transportation, as part of the Northern Powerhouse.
Peter Crowther, Property Director at Bruntwood, underlined the impact of this by stating: “Manchester has taken the lead and has taken the decision to run with an elected mayor in order to get devolved powers. Confidence is born from stability and the knowledge that you know the system you’re operating. Manchester has given the property sector confidence.”
The city is the largest economic region outside of London, and its growth, and forecast for further growth in the coming years, is attracting interest from institutional investors that would traditionally have headed to the UK’s capital.
Bill Enevoldson, Chief Investment Officer at the Greater Manchester Combined Authority, explained that there are two strong property markets that offer investors plenty of potential. “The first is the city centre, where things are picking up,” he said. “The second market is the rest. There’s a big appetite from institutional investors, mainly because the yields here are better than London.”
In recent years Manchester’s population has grown at three times the national average, while the city has one of the lowest levels of new housing stock in the country. The impact of the Northern Powerhouse will place further emphasis on accommodation in the city, meaning that those investors buying into the city now could enter the market at the start of an anticipated curve of growth.