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Known for its long-established industrial heritage, Manchester has always been at the forefront of innovation, but since undergoing massive regeneration in the mid-1990s, the city has seen tremendous growth on all fronts, becoming one of the most economically diverse cities in the UK and a prime location for property investment.
In fact, the Greater Manchester county–encompassing Bolton, Bury, Oldham, Rochdale, Stockport, Tameside, Trafford, Wigan, and the cities of Salford and Manchester—is now one of the largest metropolitan regions in the UK and the second-most populous area in England. It generates nearly 40% of total output (GVA) in the North West and 19% across the North of England, establishing itself as a major powerhouse of the northern economy.
Manchester’s thriving economy has attracted a flood of new residents, placing increased pressure on the undersupplied housing market. As the total population of the area is expected to reach over 1,154,970 by 2035, an undersupply of at least 82,505 houses is to be anticipated. Experts forecast that house prices will experience a 23.5% growth in the next five years, despite the implications of Brexit and COVID-19. With all these factors aligning, Manchester undoubtedly positions itself as one of the strongest players in the UK property investment market.
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Greater Manchester is the second-most populous area in England
Booming population growth and surging housing demand
Strong economy contributing to Greater Manchester’s GVA of GBP67.2 billion
House price growth forecast between 2022 and 2026
