Manchester the UK’s fastest growing economy

Manchester the UK’s fastest growing economy

Manchester is the capital of the North and the housing market is booming, according to information from Hometrack, property values in Manchester are growing at twice the rate they are in London. 

Manchester has been the focus of the UK Government’s plans to turn the North of England into a powerhouse, helping the area to compete with London and the South.Manchester is part way through a multi-billion pound regeneration program, improving all areas of the city centre, airport, and infrastructure, including the iconic Spinningfields and other areas like Salford and the Northern Quarter.

There is investment taking place all over the city and one of the biggest project was the new Media City, to date £650m has been spent on the new Media City which is a 200 acre business hub for media, digital and creative. The BBC’s move to Salford’s Media City was huge for the economy, Granada and ITV also relocated to Media City making the area the UK’s new media hub.

Over 70% of the FTSE 100 companies now have a presence in Manchester, and 50 international banks, with an estimated GDV of over £50bn are located in the city. Last year it was announced that Manchester International Airport, which is already the UK’s largest airport outside of London, is to receive a £1bn investment. 

Greater Manchester’s population now stands at 2.5 million and increasing daily. Between 2002 and 2015 the population has increased by a massive 149%, making it the fastest growing city in the UK. Due to the growing career opportunities available in Manchester, the city is becoming an increasingly popular choice for young professionals. For this reason, the rental market is soaring, and landlords are finding that potential yields are a lot higher than those offered in London and other UK cities.

Greater Manchester is home to one of the largest student communities in Europe boasting around 100,000 students between the local universities. This huge population of students just goes to show that Manchester is a first-class destination for higher education.

As you can see the city is booming but Manchester does have a big supply issue, partly due to nothing being built between 2008-2012 in the city centre, but also due to the ever-growing demand for city centre properties. It is anticipated that by 2025 the population of Manchester City Centre will increase by a further 125,000.

The most demanded properties in Manchester are city centre apartments which are great for renting. Premium new apartment developments in the popular areas like Deansgate, Piccadilly, Ancoats, Victoria, Salford always sell quickly due to their ideal location.

Manchester really does offer something to all residents and visitors. From walks in the countryside to all-night dancing and everything in between, Manchester is a perfect lifestyle city. In fact, it was named as the most desirable UK city in which to live in the 2015 Global Liveability Ranking and lets not forget its home to two of the worlds best football teams.

Global Investments are proud to announce the launch of Regent Plaza Manchester, a brand development in the heart of the city with 525 units, all of the units are larger than average city apartments. This development has many exciting features including a private resident gym, 24 hour reception and concierge service, prices start from only £157,000.

If you would like more information on this new fantastic development please email invest@globalinvestmentsincorproated.com

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