The north-west city has one of the UK’s highest densities of foreign investment outside of London, according to new research.
- Manchester receives one the highest proportions of foreign property investment outside London, and more than any other city in the north of England
- Overseas firms and funds are attracted to Manchester’s high job and population growth rates and strong yields
- The UK’s vote for Brexit has triggered a spike in interest for British property among international investors
Manchester has one of the highest densities outside London of property investment from investors and companies based overseas.
New research by Search Accumen has found that 2,253 properties in Manchester’s ‘M’ postcode were owned by international-based firms.
Sentiment for assets in Manchester has uplifted significantly in recent years. The city boasts the UK’s highest average yields from property investment, one of the fastest growing populations outside of the capital and a demand to supply imbalance of rental accommodation of 4:1.
Slough ranked highest on the list for non-London foreign investment, attributed to high demand for commercial real estate on Europe’s largest trading estate.
Andrew Lloyd, Managing Director of Search Acumen, commented that the research underlines how “the reach of overseas business investment in UK property stretches far beyond the M25”.
Following the EU referendum at the end of June, there’s been a significant rise in the number of overseas investors looking to acquire UK property assets. With the pound currently at its lowest value for a generation, more investors are looking to secure assets during this currency window of opportunity.
“The Brexit vote has definitely boosted Chinese buyer interest in UK property. The chief mechanism has been the reduction in the value of Sterling against the dollar and the yuan,” said Bernie Morris, EMEA Head of Juwai, China’s largest international property portal.
“Now, with politics stabilizing and a competent new government in place, the UK looks like the same old safe haven as ever – but cheaper.”