While the rest of the UK suffers from stagnating property prices, Manchester continues to go from strength to strength. With years of growth behind it, the area now has several factors in place that are pushing this increase even further.
Below, we discuss the factors that are contributing to property demand and growth in Manchester.
MediaCityUK
There was a time when the old Manchester docks were not a desirable place to be. Yet a regeneration scheme turned that around, which was given a further boost in 2016 with a £1 billion investment in what would become MediaCityUK (pictured).
Focusing on the area known as Salford Quays, the location is now a haven for business and technology. Well-known entertainment brands like BBC and ITV have moved a large part of their programming there. This has been backed by the best new talent. The University of Salford has its own MediaCity campus there. A host of tech and innovation companies have also moved into the city.
While you may have missed the bubble on the property around MediaCityUK itself, the positive impact is being felt in surrounding boroughs and areas. For those who want to act fast and raise capital, the UK is now a great place to sell property quickly.
You can easily sell a house fast in Manchester without long chains and funds can be in your account within days. In many scenarios, you can even choose the date of completion and do so with security using a client that operates in the UK. These funds can then be used to purchase other properties in the desired areas or complete major renovations for further sales.
NOMA
It is hard to pinpoint exactly what NOMA is, as it encompasses so many different facets. At the outset, it is a large redevelopment scheme targeted at Manchester and its city centre. In operation for the past decade, it has aimed to redevelop almost every space imaginable. From office blocks to entertainment, living spaces to shopping, it has created vibrant urban and green spaces over a 20-acre plot.
This has been largely completed but is still a project with life in it and some way yet to go. In the coming years, a further 6000 jobs will be created and it is expected to bring £380 million a year to the city’s economy. This has not only provided growth in the plot itself but has fuelled a rise in prices in surrounding boroughs.
St Johns
Just on the outskirts of the city centre sits the area of St Johns. The proposed site for redevelopment is the location of the old Granada Studios. Now back in use, there are plans to reopen a further four TV studios, bringing even more jobs and media to the city. Other plans include a brand new arts venue named The Factory.
To back this are plans for office space, retail and hotels along with green outdoor spaces. In and around the area has seen significant growth in property prices. There are many more factors. Areas such as Ardwick have also been developed, having a knock-on impact. Keep an eye on the news, look for works in progress and you may just be able to bag a property that produces a fantastic
