Manchester's residential property market is booming as we reach the end of summer, with demand for city centre apartments higher than ever. JLL recently reported that current numbers of residents living in the city had risen to 117% from 2018 to July this year alone.
Prime city centre accommodation is amongst the most highly in demand in the city at the moment, which has in turn affected the rental market in Manchester. JLL also reported that rents in the city had risen to 103% over the same period, as Manchester continues to establish itself as a hotspot for buy-to-let investment.
The rise in population has come from a number of different areas; including a rise in the number of graduates staying on in the city following university, an influx of young professionals choosing to move to Manchester to follow large companies who have relocated in the past few years, and young professionals choosing Manchester over London as Brexit draws closer.
In recent years, big brands such as the BBC have moved to Manchester, and the most recent relocation of telecommunications giant TalkTalk has seen a further spike in demand for city centre accommodation for its workers.
Despite the rise in property prices and rent costs in the city, demand has continued to rise in the current climate.
Louise Emmott of JLL said: "Manchester is becoming increasingly in demand as a city, as young people are priced out of the capital and businesses look to 'north-shore' ports for all of their offices.
"Manchester has so much to offer - it's teeming with culture, sport, a world-class food and drink scene and a booming night-time economy. This, paired with the area's impressive business credentials, means that it's hugely appealing to younger generations that want the big city feel but can't afford or access London."
The build-to-rent market has also been a major game changer for the Manchester rental market with a huge influx of developments of this kind popping up around the city. This sector has always been popular with students and graduates who are looking for purpose-built accommodation that will give them a central base to experience and work in the city.
Emmott added: "With Manchester, as we're seeing more and more people flock to the city region, there has naturally been an increase in rental and house prices. That increase is always a sign of a healthy local economy, which is of course positive. But we have to be mindful that one of Manchester's key attractions has always been its affordability when compared to southern cities, so it's important that it doesn't price itself out of the market."
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