There are some very good reasons for keeping an eye on the Manchester property market this year. This fast-growing city in the North West of England was one of the success stories of 2019, and this trend should continue into 2020.
The Fast Rate of Growth
The most important factor here is how the city’s population is booming. This is especially true in the city centre. Research has shown that the number of people living here increased by 149% from 2002 to 2015.
This population explosion is reflected in the number of available jobs here. This number grew by 84% in the time between 1998 and 2015. All of this means that Manchester is the fastest growing city in the UK in terms of population and also for employment possibilities.
In fact, the figures put it far ahead of the next best city, which is Leeds, followed by Birmingham. In fourth place was Liverpool. For comparison sake, it had population growth of 181% and 27% more jobs in the same time period.
More good news is expecting to come this year, as the number of massive building projects going on in Manchester makes it one of the construction centres of Europe. The State of the City Report for 2019 mentioned 50% more jobs being added to the city centre, with the overall population continuing to grow.
What This Means for the Property Market
All of this growth and development has stimulated the city’s housing market. The list of the UK’s fastest-growing markets is led by Liverpool. Manchester comes in second, with a 4.5% increase in prices year on year.
The market is booming and house builders simply can’t keep up. It has been suggested that the population is rising as much as 15 times faster than the number of new homes that are being built here.
A Look to the Future
There is an interesting fact that sums up the incredible changes taking place in the North West of England. It is said that Toronto is the sole North American city that currently has more skyscraper construction going on than Manchester.
This level of growth can clearly be seen in the city’s impressive skyline. The Tower of Light and the St John’s development are two of the most exciting projects being worked on. It is also worth noting that £2 billion of international investment has helped to fuel the city’s rise in the last few years.
At the moment, there is no sign of this exciting phase slowing down. Some predictions suggest a 2% increase in house prices in the UK in general, with the North of England seeing increases of up to 4%.
There is no doubt that this is a city that is on the right track. As more people move here and more jobs are created, the housing market continues to grow in line with this trend.
Prices have already increased here in the last few years and it will be interesting to see how much further they can rise in 2020. By keeping an eye on future development plans in the city, we will get a better idea of whether the current level of growth can be sustained over a longer period.
For now, the property market in Manchester should keep on climbing. The huge level of demand from newcomers looking for houses here will see to that.