You may have noticed that Manchester is booming. When you drew the curtains this morning, were you met with a sea of tower cranes hovering over the start of yet another building site, destined to be Manchester’s equivalent of London’ s Gherkin, Walkie Talkie or Shard? Yes, the Northern Powerhouse is powering its way skywards with developments that have placed the city among the best performing in the country when it comes to investing in property.
Property price index figures in June last year showed Manchester topping the 20 largest cities in the UK with an amazing 7.4%, compared with a national average of 4.6% and beating London hands down with a paltry 0.7%. By renting a house from Manchester Student House you’re contributing to this success story as well. You’re living amongst the second biggest student property market in the country, with around 24,000 student bed spaces, and more desperately needed. The Chinese have been prime investors in rental property recently and, if the trend continues, will help to keep Manchester as a top choice for domestic and overseas students.
Near neighbour just across the Irwell, Salford, is doing pretty well too, with high growth predicted over the next ten years. And much of this is down to its appeal amongst the younger population. Salford City mayor Paul Dennett said at the start of the new year, “In the last two years Salford’s economy has grown by almost £230m, with 900 more businesses and 1,200 extra jobs being created. MediaCityUK is second only to London for digital businesses – and that’s just one element of Salford’s success story.” He adds that new neighbourhoods are being created to cater for new homes, as well as connected digital workplaces, putting creativity at the heart of the environment.
Among the new developments to look out for are 100 Greengate, currently under construction since 2016, which will rise to 44 storeys, with 350 apartments soon to be ready for occupation. One of the biggest high risers is the £70m ‘twin towers’ alongside the river which will offer 300 luxury flats complete with a residents’ gym. Even car parks are getting the twenty-first century look with the New Bailey car park next to the ever-popular Spinningfields district.
Manchester has loads of possibilities for the budding entrepreneurs amongst you. So, when you do finally graduate, you could do worse than become a property developing magnate. If the effects of Brexit by then haven’t plunged the country into a downward spiral of gloom and despondency.