Development is booming across Manchester
Every day it feels like the Manchester landscape is changing. Even since Ascend launched just over three years ago, the city has transformed so much during that time, it’s a tad overwhelming.
Demand for property in Manchester is high. And just when you thought space was limited, savvy developers manage to create stand-out developments which really knock you for six. Not only have we seen the pockets outside of the city centre developed into highly sought after places to be, but we’ve seen some cracking city centre conversions come to market – which has been fantastic for those scrambling to get onto the property ladder over the past few years.
The good news is that this hive of activity isn’t slowing down any time soon. Developers are attempting to keep up with demand and we’ve found some stats and figures which reinforce this from Ed Howe at Urbinfo. He’s done some number crunching, and after digesting his lengthy research, we thought we’d share some of the key snippets of information we found most interesting:
· 71 individual property schemes are currently under construction across the city – broken down, that’s a total of 12,438 homes new homes being built across Manchester right now (that’s 3,071 more than last year, just so you know.)
· From Jan to August this year (2017) , there were 1,338 home completions…
· …and over 2,000 new homes have been approved since May. Good news for any savers looking to get on the ladder in the next few years.
Fancy a regional breakdown too? You got it:
· The most active area for new construction is, unsurprisingly, the city centre with 15,412 new developments in the pipeline.
· That’s followed closely by Central Salford with 9,368 and then Salford Quays with 4,165.
· In fact, Salford Quays is tipped for big things when it comes to property. It has seen the largest and fastest growth in property prices compared to anywhere else in Manchester this year…
· …and with more expansion planned with phase 2 of MediaCityUK on the way, there are currently 2,338 apartments under construction – that’s almost double the 983 figure from the previous year. And with planning stull underway, who knows what that figure could rise to!
· Hulme and North Trafford were also areas of Manchester tipped for more new homes. Planning permission has been granted on several new developments and it’s thought that construction will begin over the next few years. The new proposed Metrolink line to Trafford Park will add further appeal to the area – so certainly worth bearing in mind for any budding landlords out there.
If you want to read more about the property goings-on in Manchester, you can see UrbInfo’s full market report here.
We’re genuinely excited to see these projects take shape. Manchester will always be a vibrant hub and with all of these new developments popping up, there’ll simply be more homes available for those who want to live here. And let’s face it, who wouldn’t want to?
If you’re looking for a new home in the ever-growing city of Manchester, let us help you find it. If you need some advice, want to book a viewing or just fancy a chat, then get in touch with our team via our contact page here.
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