23 Jan 2020
Manchester is home to the one of the fastest-growing property markets in the UK, and is definitely worth keeping an eye on in 2020.
The rapidly-growing North Western city in Britain experience one of its best years in 2019, with regards to property investment, and is set to extend the trend into this year.
The primary reason for Manchester’s property boom is the fast-increasing population, especially in the city centre. According to research, the number of people living in Manchester surged 149% from 2002 to 2015.
The surge in population is directly related to the number of jobs being created in the area. Vacancies between 1998 and 2015 hiked 84%. This all results in Manchester being the fastest growing city in the UK with regards to both residents and job opportunities.
The boom is expected to extend into 2020, as the number of ongoing construction projects in the city make it one of Europe’s construction centres. According to the 2019 State of the City Report, 50% more jobs will be added to the city centre, with the overall population continuously increasing.
This prolonged expansion has stretched into the city’s housing market. On the list of the UK’s fastest-growing property markets, Liverpool takes the lead. Manchester follows shortly after in second place, registering a 4.5% increase in house prices year-on-year.
As the market continues to flourish, house builders and contractors are struggling to keep up with demand. Indications have shown that the population is increasing 15 times faster than the rate at which homes are being built.
The property boom is showing no signs of slowing down at the moment, with some forecasts predicting a 2% increase in overall UK house prices, and a 4% rise in the North of England.
Manchester is well on the path to growth – as the number of residents continues to rise, so does the city’s already well-established property market.
House prices in the region have also witnessed a surge in recent years, and are set to climb even further into 2020, as more newcomers look for homes in the city.