By Bea Patel, TLE Property Editor and Director of Shop for an Agent
A detailed report of the Manchester 2025 vision projects a prosperous future for the city at the heart of the Northern Powerhouse. The city is likely to attract ‘significant investment’ over the coming decade, and create more than 5,000 new jobs per year.
The most interesting point in the report set out by global investment firm BNY Mellon is Manchester’s population prediction by 2025. The report states it will increase from the current seven million residents to 15 million – a doubling of the population in just ten years.
Manchester’s city centre, according to HouseSimple, is the number one property hotspot in the UK for the next ten years. The average house price is currently £155,029 compared to a national average of £204,674, revealing substantial scope for rises if the population increases so swiftly.
There are also plans for expansion of Manchester Airport with £1 billion – adding more than ten million passengers in one decade. It’s the biggest single construction project to take place in the Greater Manchester area. Victoria Station is also looking to expand to allow 700 extra trains to run per day by 2019, according to architects BDP.
If population doubles as predicted, there would be huge pressure on the city’s resources. Road and rail links are underway, but the city will need to build a large number of houses to accommodate new residents. With large-scale development in the pipeline and a booming population, Manchester needs to race to provide sufficient housing as the coming decade unfolds.
Jonathan Stephens, managing director of Surrenden Invest, comments, “Manchester is a modern, thriving city and the Northern Powerhouse initiative has focussed a lot of attention on it. It is already a great city in terms of transport links and the modern railway revolution that is currently taking place – there is going to be a game-changer in terms of improving access. The population projection, though an incredible figure, is definitely realistic once you look at everything that is already underway or that is planned for Manchester over the next ten years.”
With a need for more housing to not only accommodates new residents, Jonathan continues, “Remember, too, that these new urban dwellers are going to have pretty high standards when it comes to housing. The young professionals flocking to the city are going to want well-located, high spec homes with plenty of amenities like secure parking and on-site gyms.”
X1 The Plaza at Eastbank, with 196 one, two and three bedroom apartments, 11 penthouses and seven townhouses will provide some homes worthy of the Northern Powerhouse. UK investors wanting to buy now – for the future – are likely to take interest in Manchester over the coming years. But investment isn’t limited to the UK. David Cameron has recently been selling the Northern Powerhouse to the US to encourage investment from across the Atlantic.
As the BNY Mellon Manchester 2025 vision becomes reality and global attention increasingly focuses on the city, signs are pointing to residential real estate investors in Manchester having a good ten years ahead of them.
Image credit: Surrenden Invest