2020 was a fantastic year for the UK property market, and all the signs point to 2021 being even better. Confidence and certainty have returned to the UK economy, making this the perfect time to buy a buy an off-plan property and take advantage of the upcoming house price growth.
Whether you are a homebuyer or an investor, we think you will be particularly interested in the potential of the Mayfield area of Manchester – one of our recommended property hotspots for 2021. Here’s why…
The Manchester property market has earned its reputation as one of the strongest in the UK, and every indication shows that it will continue to flourish through 2020 and beyond. With major growth on the way for Manchester in all sectors – including its population, housing and economy – this is the ideal time to purchase off-plan in the city and make the most of the upcoming house price growth.
The State of the City Report 2019 shows that Manchester city centre will be home to 100,000 residents by 2025 – an increase of 5,000 people a year – and 65,000 more jobs will be created by 2036. This means that homes in the city centre will be at a premium, and property values will increase accordingly.
However, as well-established areas like Spinningfields become oversaturated due to this growth, the best value – and future capital appreciation prospects – can be found in the large-scale, up-and-coming redevelopment areas.
Of these, the most in-demand is Mayfield, which is quickly becoming one of the city’s main hubs. As well as being just a few minutes’ walk from Piccadilly Station, this transformational £1.4bn site will include:
- 1.7m sqft of office space
- 120,000 sqft of landscaping, including a brand new 6.5-acre park
- The creation of more than 10,000 new jobs
Mayfield is set to become one of the busiest and most popular areas of Manchester city centre, and we anticipate that more and more people will move to the area in the coming years as the city centre fills up – which will drive property values upwards.
It is extremely likely that the area will see unusually high capital appreciation over the coming years as Mayfield fulfils its potential and becomes the most in-demand neighbourhood in Manchester.
Want to find out more about buying off-plan in Mayfield? Now is the perfect time to do so whilst prices are low and the capacity for future property value growth is at its peak. Enquire today for more information about Oxygen, our luxury development in the area.
