Growth Prospects of Manchester

Manchester is the heart of the North. Manchester along and Greater Manchester is the largest urban area in Northern England. Due to its significance its growth and/or decline is likely to affect all North England especially the Northwest.

If you are looking to move or invest within this great powerhouse of a city, it is important to educate yourself as much as possible on the location.

The key areas we will be looking into in this article will be…

1. Regeneration Projects
2. Economic Growth
3. Property Growth
4. Population Growth

Manchester’s Regeneration

Completed Regeneration

MediaCityUK

MediaCityUK has become one of the most successful regeneration schemes, or at least one of the most well-known schemes in the UK. Starting from about 2007, it quickly transformed a large area to the north of the city centre.

It is now common knowledge that large companies such as the BBC have moved their headquarters and most major shows to the area. Its infrastructure is built for the media world and the filming and production of many household shows within the UK.

In total over 250 large businesses now call the location home with others such as ITV and Kellogg’s joining the BBC as neighbours.

The area is far more affordable than London which allows many of these tech and media companies to attract young professionals who are looking for a more affordable and higher quality of living than they could afford in London

Spinningfields

One of the earlier Manchester projects dating back as far as 1997. Over the decades the area has become known as the Canary Wharf of Manchester, companies like HSBC, Barclays and PWC conducting key operations within the district. Its is now known as the largest financial district in Manchester thanks to Allied London.

By 2012 there was an estimated 3 million square feet of office space over 22 acres with 20,000 employed in the area. The amount spent on the area is difficult to estimate but ultimately the project was envisioned by Allied London and started to really take off in the 2000s. It now has a little of everything with high-end brands, top restaurants and much more to accommodate the luxury living of its working population. The main part of the scheme

NOMA

NOMA was a huge 20-acre £800 million mixed use regeneration scheme backed by The Co-operative Group which has its roots based in Manchester since 1843. In total it has around 4 million square feet of office, residential , retail and leisure space. The first parts of the project were completed from 2013.

Property Market

Current Property Market

Manchester’s property market has been gearing itself towards young working professionals

In terms of the current housing market, JLL reports an average sale price of £257,000 for a two-bedroom flat in Manchester, with an average rent of £1,145 pcm. The May 2022 Hometrack UK House Price Index shows Manchester as enjoying year on year house price rises of 9.6%. That’s the fourth largest increase of any UK city over the course of the year to May 2022.

• Average house price according to Rightmove £206,274
• Average renal price £893 per month

Property Market Forecast

Five Year Price Forecast

You can find out more about the Manchester Property Market here where we have further broken down the market sectors and locations.

Manchester Population

Manchester population has been helped along in recent years by attracting such a large number of young people, from working families and professionals to its huge student population. It is unrivaled when it comes to retaining post-graduates from its world famous Universities.

• Manchester City Centre has a current population of 553,230
• Greater Manchester has a population of 2.822 million

Population from 2002 to 2020