New research shows that prices in Manchester’s real estate sector rose faster than the UK average in five of the last six years, with growth in the city reaching 11% over the 12 months of 2017 alone.
- Property prices in Manchester have risen higher than anywhere else in the UK in five of the six years since 2013
- In the 12 months to June 2018, growth stood at 9%, while London has recorded a -1% fall
- With a strong economy and fast expanding population, Manchester city centre has become “a desirable and immensely lucrative location in which to invest”
This is the prime hotspot for residential property investment in the UK right now.
Once again, more research has pointed to Manchester recording the fastest rising property prices of anywhere in the UK.
According to global real estate agency Cushman & Wakefield, growth in Manchester has exceeded the UK average in five out of the last six years. In 2017, prices rose 11% in Manchester, versus a UK average of just 5%.
It’s also surpassing performance in other core UK cities, too. The new data shows that, in the 12 months to July 2018, prices in Manchester increased just under 9%, while in London they fell -1% over the same period.
“Our research demonstrates that year-on-year growth within the Greater Manchester residential market has continued apace, outperforming the wider region and once again exceeding the national average, a trend that has been consistently evident in five of the last six years,” analysed Julian Cotton, Associate Director at Cushman & Wakefield
Cotton pointed to Manchester’s rapidly expanding economy and levels of investment from international business and corporations.
He also highlighted the city’s high proportion of students and young workers placing a sustained demand on the city centre’s renal sector. Rents increase 10% in Manchester in the 12 months to April 2018; over the same time, rents fell 8% in London.
“Greater Manchester is the UK’s largest and fastest growing economy outside of London, having transformed itself into one of Europe’s most dynamic and exciting cities in which to live and work.”
“Manchester city centre and Greater Manchester as a region has swiftly become a desirable and immensely lucrative location in which to invest.”