The March HomeTrack report shows Manchester has made it into the top 3 growing cities in the UK, placing them in the top 5 growing cities in the UK again!
Manchester has a continuous steady growth year on year, as the chart below shows. *HomeTrack City House Price Index March 2018* and the past 12 months have continuously shown Manchester ranking high in the top 10 of the fastest growing cities in the UK, and often making the top 5.
To consistently be in the top 10 fastest growing cities shows that Manchester has an incredibly steady market which is compared with low buying prices, which creates a reliable market for property investors.
The HomeTrack report isn’t the only source that validates the reliable growth of Manchester, as the Annual Deloitte Crane Survey 2018 named Manchester as one of Europe’s fastest growing cities due to the 11,135 residential units currently being developed in Manchester and the significant investor confidence that surrounds the Manchester property market.
Manchester City Council has an obligation to build 10,300 houses every year until 2035 to cope with the demand for more housing, particularly rental properties. The average house price in Manchester stands at 4.6 times the household income which indicates a lower downside risk – another reason why there is a strong confidence from investors surrounding Manchester.
As an attractive place to live, it really comes as no surprise that the Manchester property market is doing consistently well compared to other UK cities. Manchester saw extremely strong results in 2017 occasionally hitting the number one fastest growing city in the UK.
Local council and government are noticing the current growth Manchester is retaining and is aiming to increase it even more. March this year saw £800m invested into Salford Quays area with the Salford council wanting to transform Salford Quays into Manchester’s own ‘Brooklyn’. This followed the announcement earlier in the year of £1bn being put into transforming Stockport with around £73m of this coming from the government.
It’s easy to see why Manchester consecutively makes it into the top 10 fastest growing cities, and why so many investors are confident to invest in the Manchester property market.
If you have questions about investing in the Manchester property market, please feel free to speak to one of our expert investment consultants by clicking here.