Investing in Manchester apartments can be a lucrative endeavour. The city has undergone an economic and cultural renaissance in recent years, which has led to the rise of new developments on the outskirts of town. As more people move into these suburbs, there is growing demand for quality housing that is closer to work and schools than before. Buying property now could provide you with fantastic returns as prices will only continue to climb if this trend continues.
People are investing in Manchester apartments because of the following reasons:
- Growing local population.
Manchester’s population has doubled in the last 15 years, and is now growing even more rapidly than the national average. The city also benefits from a large student population – with around 20,000 graduates deciding to remain after finishing their studies each year! This high proportion of students adding numbers helps contribute to Manchester becoming one of the youngest cities in England: 60% live here aged between 25-30.
The city is predicted to grow by 125,000 people in the next 10 years. This will put a lot of pressure on house builders and local authorities that are already struggling with shortages. Investing in apartments and having them rented out addresses this growing demand for housing given the city’s growing population.
- A booming economy.
Investing in Manchester property likewise enables you to become part of the city’s booming economy. With so many opportunities in the Manchester area, it’s no wonder that people continue to flock there -all looking for a place to stay. With major companies like BBC and financial services booming here, this is a city on-the-rise.
- People visit Manchester for its rich culture.
Manchester is a great place to live and visit. Whether you want the peace of walking in the countryside or all-night dancing, Manchester has it all! It’s even ranked as one of the most desirable places to live in 2015 according to Global Liveability Ranking.
With a robust tourism industry, this only means that there’s a demand for short-term rentals. Apartments can be leased for short-term stays to accommodate tourists exploring the city especially during festivals and other special occasions.
- Major transportation upgrades.
Public transport options in Manchester have been growing rapidly, and the coming HS2 railway will be a major enhancement. The construction of this new train line is being funded by billions of pounds from all over England to provide residents with quality public transportation for work or pleasure trips around town. As part of its investment into better travel infrastructure, London-Manchester rail journeys are going to take half as long once service starts up.
Rail travel in the UK is set to be upgraded, while Manchester Airport will see major improvements. The rail network’s upgrades are scheduled for completion sometime next year and as part of this there’ll also be a £1 billion investment into improving airport links with trains coming from all around England, Scotland and Wales converging on it like spokes meeting at the hub of a wheel.
In a nutshell
With Manchester thriving as a major lifestyle and commercial centre in the UK, there is also a continuous demand for both short-term and long-term stays. Buying apartments therefore is a lucrative investment as it not only provides you with a residence in Manchester; you can also use these properties for profit as rental spaces. You can either open your apartments to tourists staying in the city for several days to a few weeks, or have them rented out on a long-term basis.
