The insights come from the Global Real Estate Outlook from property investment firm IP Global, a biannual report which identifies and analyses the best-performing cities for property investment.
Property in Manchester is seeing an ongoing investment surge from both overseas and domestic buyers according to a new report from property investment firm IP Global.
The insights come from the Global Real Estate Outlook from property investment firm IP Global, a biannual report which identifies and analyses the best-performing cities for property investment.
According to the report, Manchester is currently the strongest UK property market outside of London, with the highest rental yields in the UK at up to 6.02 per cent.
Employment in the city is also forecast to increase by a further 4.3 pc over the next five years, which will continue to fuel the lively residential market where demand from the 2.5 million strong population already significantly outweighs supply.
The positive outlook for Manchester follows Theresa May’s August confirmation that she will press ahead with former Chancellor, George Osborne’s, plans to boost infrastructure and devolve power to individual cities.
Despite concerns over the PM’s intentions for the North, in an article for the M.E.N she has since laid out her ambitions to press ahead with her predecessor’s plans for the Northern Powerhouse.
Jonathan Gordon, Director at IP Global, said: “For domestic and overseas investors Manchester properties offer very attractive rental yields and with demand expected to increase significantly over the next five years I am confident that this is a trend that is set to continue.”
The Northern Powerhouse vision has already delivered strong results with over 8,000 new jobs created over the past four years with the commitment for another 850,000, by 2050.
Jonathan added: “The newly appointed Northern Powerhouse minister Andrew Percy needs to build on these results in the coming months to continue to fuel investment and infrastructure in Manchester and other cities.
“National and worldwide events such as the government-backed £24 million bid to host the cycling world championships being held in Manchester further show the government’s commitment to the Northern Powerhouse strategy and the ‘untapped potential’ that awaits.
“What’s clear is that, despite any initial apprehension following the vote to leave the EU and George Osborne’s departure, the UK and the Northern Powerhouse cities in particular still present a safe haven for overseas property investors, and one that is now increasingly attractive due to the weakened sterling and interest rate cuts”.
Source: www.manchestereveningnews.co.uk
