According to Midas, Manchester’s inward investment agency, over 5,000 new jobs were created throughout Manchester in 2021, a staggering 41% increase on 2019 – disregarding 2020 as most world markets ceased operation during this period.
As more young professionals relocate to Manchester and the North away from London, the increase in the number of jobs available within greater Manchester has almost doubled and is additionally contributing to the demand for rental accommodation across the city, a study has found.
Further strengthening Manchester’s position as “one of the world’s leading tech cities and a growing innovation hub”, analysis has also determined a £314 GVA contribution to the city, which is set to increase throughout 2022 and onwards. Midas has also reported an impressive 50% increase in those relocating to Manchester for creative and digital career opportunities, coupled with senior policy roles within central government organisations, such as the Home Office, and the Departure for Business, Energy, and Industrial Strategy that have relocated to Manchester – bringing with them a GVA of over £40 million.
With the increase in new jobs and career opportunities available within Manchester, the city is experiencing an incredibly high demand for rental properties that is continually outstripping supply. A reported 11,000 new homes are required to be built every year within Manchester to accommodate its rapidly growing population. However, an average of only 7,000 are managing to be built in this time, leaving a shortfall of around 4,000 residents searching for accommodation within the city, that investors can benefit from. In addition, ‘Generation Rent’ contributes to over 50% of Manchester’s population, who are choosing to rent for its social and flexible benefits, instead of purchasing a home, making the buy-to-let industry within the city extremely profitable, and solidifying Manchester as the favourite location for domestic and overseas investors.
Whilst an average of 88 young people relocate out of London each day, the consistent economic and industrial growth within Manchester results in more businesses, investors, and residents opting for the Capital of the North instead.
To make the most of Manchester’s continual growth and see what investment opportunities are currently available, get in touch with one of our expert property consultants today.