A number of new developments are being completed across Manchester, boosting the city’s already robust property market. 

The volume of property schemes expected to be completed this year in Manchester will likely surpass the current record set in 2019, according to Deloitte’s Crane Survey. The main reason growth is forecast to surge this year is due to plans for 8,800 residential units to be completed in the city.

Over 2 million sq ft of office space and 400,000 sq ft of retail, leisure and hotel floor place are also currently being constructed – proof of the vast development and growth Manchester’s property sector has to offer. 

According to the most recent Crane Survey, 27 schemes were completed in Manchester last year – the highest level since 2006 and the second highest since 1999. The residential market has been the main driver of growth, as demand for home space in the Northwest city of England remains strong.

Last year, 3,619 housing units were completed together with a further 12,357 under construction throughout the city. Manchester’s first student residential development in two years was also completed in 2019, while 427,000 sq ft of office space was introduced. 

The demand for property is fuelled by increasing population figures in Manchester, which are expected to accelerate sharply in the near future, especially in the city centre. Manchester recorded a 117% surge in the number of people relocating to the city during summer 2019, compared to the year prior. 

According to the latest State of the City report from Manchester City Council, the region’s population is projected to exceed 635,000 by 2025, with 100,000 more people forecast to be living in the city centre. This noteworthy surge is largely expected to boost Manchester’s already flourishing property market even further.

As the city’s population balloons, and the number of job opportunities expand, demand in the rental market is also on the rise. New office developments are forecast to produce 15,500 jobs, drawing in more professionals and businesses to the city and as a result fuelling the city’s residential housing developments. 

Manchester was dubbed by landlords as one of the most attractive cities for buy-to-let in 2020. With demand for rental properties in the city soaring, Manchester is expected to continue to provide profitable opportunities for investors and landlords alike in the years to come.