The city of Manchester has gained a reputation in recent years as a UK hotspot for property investment. With a growing population, thriving business and student scene, high rental yields and excellent potential when it comes to capital growth, it isn’t hard to see why investors are looking up North for their next property venture. One area that Manchester stands out for is its high population of young people, but what does this mean in relation to property investment in the city?
Back in 2017, Manchester was hailed as the youngest city outside of London, with the average age of the city’s residents standing at 33.1 years old in 2016, and a quarter of the cities entire population being between the age of 20 to 29 in 2014. One of the reasons why Manchester attracts so many young people is most likely down to the business opportunities on offer, with major companies and corporations such as ITV, BBC, and Kelloggs all residing in Salford’s MediaCity. Research shows that record numbers of people have been moving from London to Manchester, many of which were likely to have been drawn in by the prospects for business, but also the affordability of living and renting in the city.
Another demographic of young people that could be the reason behind a large presence of young people are students and graduates. Manchester is one of the UK’s biggest student cities with a population of over 99,000, boasting the largest single-site university in the UK, The University Of Manchester. Not only are high numbers of students drawn to Manchester, however, but more and more people are choosing to stay and work in the city after graduation with student retention rates of 70%.
It isn’t just business opportunities and academic offerings that are drawing young people to Manchester, as the city has plenty more qualities that put it on the map. A cultural hub, the city is filled with lots of amazing attractions and things to see such as art galleries and museums hosting regular exhibitions. Nightlife and leisure attractions are also some of the best in the UK up in this Northern city, with hip neighbourhoods like the Northern Quarter offering a selection of bars and restaurants for younger generations to enjoy.
When it comes to property, the young population living Manchester is good news for investors. Young professionals and students are more likely to want to live in the city centre to be close to workplaces, universities and attractions. With an average rental yield of 5.55%, investing in city centre property in Manchester can be a profitable venture, with companies like RW Invest offering opportunities in the city centre with yields as high as 9%. Research shows that young people are now a lot more likely to rent property than buy, suggesting that high demand for city centre property is expected to remain for many years to come. Whether you’re interested in investing in a residential city centre property or student accommodation, Manchester is the perfect place to do so.