Millennials are flocking to the Canary Wharf of the North for its affordable luxury housing, cost of living, and culture, over living in London according to the latest report published by the Times; with a one-bedroom apartment in the capital setting them back £600,000 compared to the modest £320,000 price tag found in Manchester city centre for a 600 sq ft apartment with communal facilities.
When moving to a city of international calibre where young people can further their careers, more millennials than ever are moving to Manchester for its reputation as a media city, its available career opportunities, and it’s much more affordable cost of living when compared with other large cities across the country.
According to research by one of our valued partners, Orlando Reid, the average age of those living in Manchester city centre is now 24 years old, which is 12 years younger than the average age of 36 years old in London. In addition, Greater Manchester had more young people aged between 25- and 29-years old living in the region than any other region in the UK according to the Office for National Statistics, with many moving to the city for its cultural influence, ‘cool’ reputation, and booming start-up industry.
Home to the most start-up businesses and high yielding property investments in the country, many young people choose to move to Manchester for its career opportunities. With over 80 of the FTSE 100 companies based in Manchester and even more businesses flocking to the city over the last decade, such as Amazon, Deloitte, Talk Talk, Kelloggs, BBC, ITV, and Boohoo, the career opportunities available within the city are second-to-none and are ultimately what attract the younger generation to Manchester in the first instance.
When talking of choosing Manchester over London, Jess Timperley, an editorial researcher at the University of Manchester, said; “I like that people in my age group want to be here. They’re not here for three years to boost their career, they are here because they love the city and want to live there. It feels like the city is growing with you – restaurants are popping up every week. When my friends from London visit, they can’t believe I live a five-minute walk from the nightlife and restaurants in Ancoats. I don’t have to take a night bus home, and the culture is so much more accessible.”
To learn more about how young people choose to move to Manchester over the capital, get in touch with one of our expert property consultants today.