Findings pinpoint Manchester as city of remarkable growth in the UK.
In short, yes. Well there is no doubt that the UK has a robust property market. The legal system is transparent. The country is economically and politically safe, and any jitters from Brexit have not caused any real damage. This is one safe haven that has proved itself as a good place to park money. Plus it is a market that is open to foreign investors. Additionally a weakening sterling means that there is no better time to buy than now.
But where? London tends to be at the forefront of investors looking to own a slice of UK property. However in February the capital recorded only 5.6 percent growth in property values if compared to the same month in 2016. This is well behind the national average of 6.4 percent. On the contrary, Manchester takes the crown generating a 8.8 percent growth. With average home costs GBP 151,800, a third of London’s average property price, what is there not to love about Manchester.
A thriving city located in northwest England, Manchester played a vital role during the industrial revolution thanks to its textile industry. Today, it is a buzzing metropolis rich in culture. Considered to be a scaled down version of London, it has a long string of attractions including buzzing nightlife, a performing arts scene, endless restaurants plus a wealth of shopping opportunities.
The rankings are dominated by University cities. Manchester has three universities. Portsmouth sitting in second position with 8.1 percent followed by Bristol at 8 percent have both have buoyant student populations. With unprecedented numbers attending further education in the UK, this puts an extra strain on housing. Buying student accommodation is another lucrative investment asset. Glasgow, Birmingham and Leicester all have growth values between 7.2 and 7.7 percent.
This is why investors constantly turn to the UK for their property investments. It is reinforced by demand continuing to outstrip supply in much of the UK that helps push values. Whilst London’s house prices might be far out of reach for many, Manchester’s lower price point makes this an even more accessible market.
