Renowned for its innovation, Manchester is a national employment hot spot. The job market in Greater Manchester remains strong despite the continued restrictions applied to the area and it is one of the fastest growing cities in the UK.
Once a thriving industrial city, Manchester economy is now primarily focused on financial services, creative and cultural industries, and the ever-growing technology sector.
Job Demand
According to The Times, people looking for jobs are better off doing so in Manchester than in London due to the cities’ ranking based on their differing employment prospects.
Manchester has reinvented itself as the major cultural hub of the North. The arts, culture and heritage industries play a significant part in both the cultural landscape of the city and jobs in Greater Manchester
Whilst it seems like a lot of “front of house” operations often remain in London, the demand for “back office” and support roles is growing exponentially in Manchester, facilitating the creation of more jobs overall.
Our city attracted US$687.6m in venture capital investment last year, up from US$199.1m in 2018, placing it ahead of Cambridge for the first time. In terms of attractiveness for technology investment, it now only sits behind London. You can find out more about tech is growing Manchester’s global reputation in our previous article.
Manchester’s economy has thrived in recent years thanks to a rise in eCommerce companies, among others, and the ongoing benefits from its long-established manufacturing infrastructure. It is estimated that the city has over 16,000 job openings available at present.
Money Goes Further
Money goes a lot further in Manchester than it does in areas in the South of England, and there is also a superior work-life balance as well as an impressive cost-of-living statistics.
One of the most significant trends that we have seen in the UK over the past couple of years is the increasing number of people leaving London and choosing to buy homes in cities like Manchester. More affordable house prices and booming economies in these regions make the areas incredibly appealing to homebuyers.
The average salary in Manchester currently sits at £29,000, compared to £38,000 in London, and when you consider that the average rental cost of a two-bedroom flat accounts to 24% of average monthly pay on Manchester, compared to 43% in London, that’s a saving of nearly £10,000 annually.
Property prices will continue growing
Manchester is one of the most popular areas to invest in buy to let property and there is a significant demand for housing given the continued population growth of the city and the large student population choosing to stay in the city.
A recent report from JLL forecasts that Manchester will experience the highest sales and rental price growth of any UK metropolitan area over the next five years. House price growth is expected to reach up to 24.1% in the region by 2025, compared to 15.5% nationally.
With Manchester City Council expecting additional city centre population growth of 5,000 people every year until 2025, demand for housing will only increase among young professionals. The benefits of buying in Manchester and making the most of the upcoming capital appreciation are clear to see.
For more information about how you can invest in Manchester buy to let property, contact us today >>
