Developments In Manchester

Manchester is one of the UK's biggest property investment hubs. The original industrial city has grown into a thriving cultural, leisure, and business metropolis attracting thousands of professionals and students each year. Buy-to-let apartments in the city centre number in the hundreds, and outlying areas like Ancoats, Media City, and Salford are equally as popular with both investors and residents. Manchester has become the UK's second city behind London and is one of the country's most attractive and thriving property markets. Beyond property, the city's economy continues to expand, attracting global business. Manchester has also been voted as the best city to live in within the UK, is one of the country's largest tourist destinations, and boasts job creation levels that have outpaced Tokyo, Berlin, and Paris between 2015 and 2020.

Average rents for a new one-bed flat in the city this summer were £1,000 PCM, £1,400 PCM for a two-bed flat, and £1,800 PCM for a three-bed. Following a similar trajectory to the mainstream market prime new build one- and two-bed apartments have outperformed larger three beds over the past year, at 18% and 19% rental growth respectively, versus 9% growth for three-beds. With prime new build rents reaching £1,300 PCM for a one-bed, £1,900 for a two-bed, and £2,400 for a three-bed flat.

Overall, between 2022 and 2026, JLL expects property prices to rise on average by 23.5%

Manchester's population growth is, of course, a massive contributor to this growing demand, with the city's population increasing by over 7% in the last ten years and over 27% in the last 30. Investors in buy-to-let in Manchester can thus expect consistent rental demand and long-term capital appreciation. In fact, most of Manchester's half-a-million residents are renting their homes. About 37% of Manchester's population is part of what has been dubbed "generation rent", between the ages of 18 and 34.