Property Market: Where will Manchester be in 12 months time?
So much has happened in the past year, we’ve barely had time to stop and catch our breath. It seems like yesterday we were in talks to set up an agency with a difference, and now in just two short years, we’ve massively grown our team, we have a cracking client base and a flagship branch on Deansgate.
The truth is, the property world moves fast. Not just for us, but for the city of Manchester too. Take a stroll around Manchester today and you’ll find plenty of development happening; cranes, skips, construction workers and their muddy boots! Not content with how amazing our city is already, developers are continuing to thrust Manchester into a force to be reckoned with.
It’s not just the city centre either. MediaCityUK has transformed Salford Quays, further adding to the appeal of our vibrant home. In fact, this hub is now set to double in size over the next decade with plans in place for residential property, offices and leisure outlets. It’s difficult to remember what Salford Quays was like before its dazzling transformation.
With this in mind, we thought we’d share our thoughts for the next 12 months ahead. We haven’t consulted mystic Meg and we definitely don’t have our own crystal ball however, we’ve been in the game long enough to comfortably make some future predictions. Here’s what we think we can expect to see from Manchester over the next year:
Obviously we’ve talked about the Northern Powerhouse a lot over the last few months but 2016 is the year that plans are really starting to take shape and the North is starting to see some serious changes. Parliament has already approved the first two phases of construction for HS2, major SMART motorway improvements (£202m) are underway and the northern economy is looking better than ever. We have new developments including the £60m Citylabs expansion and the £1bn phase II of MediaCityUK both set to create thousands of jobs across the North West, helping to boost our economy even further. The region created over 10,500 new jobs last year and we predict that there are many more on the horizon – it’s all exciting stuff, so watch this space!
Rise in Landlords
As you well know, we love our landlords, and happy landlords make for a happy A-Team. With a booming rental market and tenant demand through the roof in Manchester, more and more newbie landlords are coming to our doors either wanting us to manage their property, or enquiring about investing in property for the first time. We reckon rents are likely to rise by 6-7% in Manchester over the next 12 months, and with many on the scout for a second income (either for their children’s future or to fund themselves through retirement), there’s little doubt that property is the number one choice. In terms of a future investment, Manchester properties deliver the benefits that all investors want; a cracking location, fantastic transport/connection links, a thriving population and high yields.
Again, a subject we have touched on recently but PRS (or Build to Rent as it’s now known as), is set to be huge in Manchester. Over the next 4 years, the sector is expected to be worth in excess of £50bn and literally millions are due to be ploughed right into the heart of Manchester. New schemes are already underway and it’s predicted that this new form of rental accommodation will boom once they become readily available across the city. Demand is expected to be high as long as developers deliver schemes with more facilities and amenities than tenants can shake a stick at. Simply building apartment blocks just won’t cut it. Tenants expect services of the highest standard, so as long as developers are meeting these needs, they’ll probably be on to a winner.
So there you have it. Those are our predictions for the next 12 months. If you’d like to pick our brains even more, or find out how we can help you as a vendor, landlord, buyer or tenant, give us a call on 0161 637 8336.