What we’ve learnt from Manchester’s Crane Survey
We like to keep a firm eye on the goings-on of the property market; which is no easy task, particularly in a fast-moving city like Manchester where plans tend to change on a daily basis.
So, when an exciting report pops into our inbox, we’re immediately intrigued. If you haven’t seen it already, the Manchester Crane Survey was published last week which was full of extensive research carried out by experts. Even if you don’t consider yourself a mega-property buff, there’s still a vast amount of interesting insights to come out of the report. The results basically affect anyone living in or potentially moving to Manchester, so it’s important to keep yourself in the know.
Because we’re a nice bunch, we’ve fully digested the report and picked out the key need-to-know snippets of information. Here goes…
- There are almost 7,000 residential units currently under construction - Yes, you read that right. A whopping 6,963 to be exact. This is around 3,000 more than 2007. But even with this increase, the supply of housing will still fall short. Manchester is such a vibrant city and there’s clearly a huge demand for property from people who want to live, work and play here. Whilst the new units won’t be enough to satisfy demand, it’s certainly a step in the right direction.
- Four new developments are due to exceed 25 storeys – Anyone who thought skyscrapers were reserved for New York City clearly never paid a visit to Manchester lately. To give this some perspective, the average height of all the new residential schemes in the city is now said to be at 17 storeys. According to the survey, residential schemes in the future are set to continue this trend too - as the city undergoes further regeneration, delivering schemes that offer height and scale are the most viable option. It’s enough to give Beetham Tower a run for its money.
- The residential sector is the most active in terms of construction – When looking at the property market as a whole, the number of residential schemes far outrank the number of commercial space. This is the total number of schemes under construction in 2016:
- 28 residential schemes
- 12 office space
- 5 hotels
- 3 education and research buildings
- 1 student residential scheme
- Total: 39 new schemes underway
The survey revealed that such a high level of construction could likely mean that the number of new developments will eventually begin to satisfy demand. In fact, construction and planning is now in the pipeline up until 2020! There are certainly some hard working developers out there at the moment.
- The rental market is now stronger than ever – As residential property is essentially dominating the market at the moment, things have never looked brighter for Manchester. The number of PRS developments on the way in 2017 is testament to this, with more schemes in the pipeline than ever before – you can view our ‘in the city report’ here. All in all, Manchester is certainly the place to be in 2017! So if you’re looking for a property in the area, we’re definitely an agent who can help you out.
We certainly know our stuff when it comes to property. Our results speak for themselves and with top notch customer service, we’ll make finding your next property a breeze. Don’t believe us? Just see what previous clients have had to say about us here, or speak to our A-Team today on 0161 637 8336.