Why Invest In Off Plan Manchester Property Investments?
Samuel Dawson Property work and occupy many cities all over the world but one of our favorites, without question, would be Manchester. Not just for the heritage in music, football, vibrancy. Manchester has a real depth to the city and opportunities aplenty.
Manchester is one of Europe’s fastest-growing cities and boasts a local economy that is outpacing the rest of the country along with most of Europe.
Manchester Property Investments Facts:
• Population 2.71 Million
• 205 miles from London (2 ½ hours direct train)
• Over 90,000 Full-time jobs
• Home to some of the world’s best companies including Amazon, BBC, Manchester City/United Football Clubs, Adidas and many more
• EY one of the big four accounting firms forecast continued economic growth for Manchester in the coming years.
• Average GVA (Gross Value Added) of 2.9% by 2023 with UK average at 2%
• 16,300 new jobs forecast before 2021 the fastest increase in the UK
Manchester has areas of regeneration along with prime plots which are either under-construction currently or developers are planning new launches to entice home buyers within the UK and investors from all corners of the world. One of the largest is the Great Jackson Street regeneration program which has full backing from the Manchester City Council, there are plans for up-to 25 towers with 7 at least 40 floors tall. In addition, there are plans for schools, retail, and extensive parking within the area.
As a city just at the start of its cycle of growth, Manchester is the location firmly on the lips of the global investor community. Property price growth in Manchester exceeded the UK average, with prices increasing more than anywhere else in the country (2013-2018). In the 12 months to June 2018 alone, average property values in Manchester increased by 7.4% — The UK average during this time was just 4.6%.
In Addition, apartment prices in Manchester increased by 51% in six years (November 2011 – November 2017). Rental yields in the center do fluctuate depending on the developer and location but private rental rates in Manchester city center increased 38% from 2014-2018 with the average for England just 15%.
Who is renting the apartments?
The private Rent Sector (PRS) is a large factor for any city monitoring its rentals, Greater Manchester has outpaced all of the North West and the majority of England and Wales – with this growth expected to continue. In July 2019, there was a 117% spike in the number of tenants moving into apartments in Manchester city center, demand has never been higher, and as such it has one of the lowest rates of empty properties in the UK.
Manchester’s population is rising at 15 times the rate new homes are currently being built. City center apartments are getting up to 10 inquiries per property – with some tenanted within one hour, as always the key is to have a unique apartment in terms of floor/view etc.. work with the best developers who build the best towers and then renting the property is extremely easy. For instance, Elizabeth Tower (Crown Street) developed by Renaker has 1-bedroom apartments all the way up the 42nd floor and has a swimming pool and a double floor GYM on the 44th floor, along with a full outdoor Royal Garden due to the architecture of the tower. Placing yourself in the tenant’s shoes this is just an absolutely amazing apartment and will provide a standard of living far exceeding nearly all other locations within Manchester. They will get tenanted and they will pay a premium to do so.
Affordability?
Even on the back of the recent growth as of November 2019, the average price for a property in Manchester was £214,881, when compared to Central London £1.5 million and Greater London at £934,000 you can start to see the real value and the ability for exponential growth in the coming years. The developers who we work with and the locations that we recommend mean that we would advise above this mark but it would still be considerably less than London and other prime investment locations around the world.
Recommendation:
As always do your due-diligence but align yourself with the most trusted knowledge partner who can point you in the right direction and provide the right level of after-care you need. For a quick introduction, fill out the contact form and we will happily provide you with the most in-demand and exclusive units within Manchester.
Sam Dawson
Managing Director
Off Plan Group
Samuel Dawson
Managing Director Samuel Dawson Property / Dubai / Group