Manchester, with its vibrant culture, thriving economy, and growing city life, continues to attract people and businesses from various backgrounds. As one of the UK’s fastest-growing cities, it’s no surprise that the housing market here is equally bustling.
Due to its recent economic success, Manchester is often dubbed a close runner-up to London in terms of UK cities. In this article, we’ll take a closer look at Manchester, and specifically what it’s like to live there.
Exploring the Manchester Property Market
Manchester is booming: job opportunities, education and thriving city life are driving demand in the city. Competition for accommodation is fierce due to the high demand. More and more people are turning to renting – especially the younger, upcoming generation.
As such, traditional selling methods may not always yield the desired results for expensive properties in Manchester. Some homeowners may find themselves struggling to sell property at their desired price because of the increasing demand for rental properties.
An alternative for many of these individuals is private companies which offer to buy property. With the growing attraction of Manchester as a living location, companies such as We Buy Any Home in Manchester offer an alternative for selling houses by providing a cash offer within minutes and the funds in as little as 7 days. Transactions like this help to avoid a stagnant market, helping Manchester to retain its dynamism and continue thriving as the giant city that it is.
Future of the Manchester Market
Looking ahead, the future of Manchester remains bright. Of course, London remains unparalleled for its diversity, size and economic pull, but Manchester is well on its way to achieving this kind of status.
The predicted economic contributions of Manchester Airport foreshadow the colossal impact the city is likely to have on the UK in the near future.
The ongoing investment in infrastructure, residential areas and business facilities will surely drive further growth and demand for property in the city.
Nearby cities Leeds and York, while some of the country’s largest, cannot rival Manchester for its appeal nor economic size.
The rental sector also looks likely to explode even further, particularly around the city center. Both personal and private investment into leasehold properties should uphold the status of this market in Manchester also.
Looking at the wider economy, the plans outlined by Gov.uk for Manchester highlight the boldness of the ten-year growth plan, which all of these property markets would benefit from.
This plan has been instrumental in developing the GDP of the city in recent years, which now sits at a staggering £86 billion – which is more than the entirety of some countries.
Manchester – as it is now – is perhaps second only to London among the cities of the UK. Its booming property sector, thriving business economy and the financial success of Manchester Airport epitomise its importance to the country.
While the rental market grows, the buying and selling of property chugs along as well. The future is bright for the city of Manchester.