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Manchester has enjoyed a meteoric rise in recent years and everybody knows it. From investors and developers to renters and homebuyers, Manchester has marked itself as the city to be. The entirety of the UK’s property market has been enjoying steady house price increases after a recent period of uncertainty, and this has been led by the northern city, frequently dubbed the UK’s new “second city”.
Manchester’s property prices have risen by 2% since June 2023 – more than any other city in the rest of the country, including London. Average house prices across the UK rose by 0.5% in the same period.
It’s down to a few factors, but it generally continues on the population and investment trends we have been seeing in the city for several years now. House prices have grown astronomically over the past couple of decades – with house prices increasing by 250% since 2002, growing from £65,845 to £215,210 – according to the Office for National Statistics.
The reason it has seen such a huge rise is mostly down to a high demand for properties and a limited supply. Housing shortages have seen a particularly acute demand for rental properties, which in turn has attracted a lot of investors and developers. Despite the regeneration projects happening all across the city, the demand is still particularly acute, further driving up the average price.
Ongoing regeneration projects, especially in areas like Salford and Manchester City Centre, have also had a key part to play in this increase in house prices. The city has snowballed while continuing to attract developers and, therefore, investors. Major developments have revamped the city, changing it for the better. This increased investment and economic activity has paved the way for more industries, more businesses, and more people.
And finally, another key reason is Manchester has been a favourite with investors due to its high rental yields. The city is known for having strong rental yields, compared to a lot of other major cities in England (namely London). This makes property investment in the city particularly attractive, further driving up demand and, consequently, house prices.
One of the best ways to take advantage of Manchester’s booming house prices is to invest in off-plan property. Investors can see ROI early with their property increasing in value while being under construction – without accumulating interest until the property is completed. Investors can often secure off-plan properties for below market value as well, netting good deals from premium developers. Manchester has become a hotspot for investment activity and has constant development projects happening all over the city. Find out more about our off-plan residences in Manchester here.
North Property Group is a property investment agency and lettings agency with a focus on premium UK real estate, particularly in Manchester, Leeds, Salford, and London. We secure deals with high-scale developers to deliver the best off-plan developments. Now is the best time to invest in Manchester and we can not only help you find the right property but manage its lifecycle as well.
