With Manchester generating local jobs at an impressive rate and offering a more affordable lifestyle than London, the city has seen its graduate retention reach 70%.
- Young professionals are attracted to Manchester as employment is forecasted to increase by 4.3% over the next five years
- Manchester has seen its graduate retention rate reach 70%, proving the city’s appeal to Generation Y
- The northern city’s affordability in comparison to London, with similar properties selling for £300,000 less, appeals to both investors and young professionals
There has been a recent change in attitudes among young people as the value of living in the Northern Powerhouse becomes ever more apparent.
Following the BBC’s decision to move eight of their business divisions to Media City in Salford, other businesses, including RBS and Freshfields, have followed suit. Media City is also scheduled to expand, aiming to double in size by 2026, generating even more local jobs.
The Northern Powerhouse vision has already delivered strong results with over 8,000 new jobs created over the past four years with the commitment for another 850,000 by 2050. Employment in Manchester is forecast to increase by a further 4.3% over the next five years.
In 2015, 70% of the 30,000 students who graduated in Manchester remained in the city to kick-start their professional careers, making it clear that Generation Y is beginning to recognise the benefits of choosing Manchester over London.
Gareth Hammond, Consultant at estate agency Hatched, commented: “Affordability is the main attraction; you get far more for your money in Manchester than in London, without compromising on quality.
With many new and affordable apartment complexes springing up in prime locations, young professionals can live right in the heart of the action and be a part of a modern growing city that is only going to keep improving.”
A two-bedroom flat in London’s Clapham will cost around £200,000 to £300,000 more than an apartment with a similar specification in Manchester, leaving the northern city a far more affordable destination for both investors and young professionals.