The skyline of Manchester has changed considerably in the past 12 months. Buildings have been shooting up here, there and everywhere throughout 2017. A mere glance at the countless cranes parked around the city right now shows that the property market in the North West capital is booming.
But whilst we’ve seen a series of new developments take shape, we’ve reach the point in the calendar when it’s time to look forwards rather than reflect. 2018 promises to be another intriguing year for landlords and property owners in and around Greater Manchester, and here we take a closer look at what to expect.
The tech boom has led to rising property prices in Manchester
Manchester has been subject to a digital tech boom that may continue to resonate for some time, with the likes of MediaCityUK in Salford Quays attracting big businesses and creating more jobs. Many startups are thriving throughout the region too, with hundreds of people moving to Manchester to pursue new careers.
The city has established itself as a true “Northern Powerhouse” during the past 12 months, with more properties created to appease the growing population and increased demand for residence. This, in turn, has led to a sharp rise in property prices.
From 2018 to 2022, house prices in the UK are tipped to grow by as much as 14.2% overall. The predicted figures for the North West alone however, are 18.1%. Manchester is booming to the point where demands for property are spilling out into surrounding regions including Wilmslow, Alderley Edge, Knutsford, Prestwich and Hale.
International investment in “safe” UK property
Despite the sense of economic uncertainty spurred by Brexit talks and two Budget announcements in 2017, the UK property market will continue to attract plenty of attention from foreign investors throughout next year.
As the Northern Powerhouse, Manchester remains one of the main cities of focus for international investment. Overseas financiers recognise this market as safe, dependable and profitable – seizing the chance to purchase property before prices skyrocket through 2018 and beyond.
Ultimately, this is a terrific time to invest in property in Manchester and the North West overall – both from a rental and sales perspective.
Summermere: Supporting the Manchester property market in 2018
Greater Manchester is perhaps the hottest property market in the UK at the moment, and looks set to stay this way moving into 2018. Striking now gives you every chance to take advantage of some potentially lucrative opportunities.
Summermere provide management and lettings services for anyone looking to make investments in buildings in the area. Our team can assist you with anything you might need, offering support and advice along the way.
Get in touch today on 0161 798 6633 to learn more about how we can help you enjoy a fantastic 2018 as the Manchester property market moves into exciting new territory.