Following a recent article on huddled in which Innovo Property gave their predictions for UK property investment, Manchester is looking set to have an impressive 2016.
The London-based property investment specialists, Innovo Property, offered their insights on the property market, predicting that Manchester is a city that’s finally starting to live up to its ‘Northern Powerhouse’ tag.
With the city seemingly safeguarding its future with new investments, including its new multi-million pound Metrolink scheme, potential suitors will soon find themselves queuing out the door to get a piece of the prime Manchester real-estate.
The reason for this confident prediction comes down to the city achieving one of the UK’s highest yields, which could result in investors seeing potential returns of 19.5% by the year 2020.
Average property prices in the UK are expected to rise £60,000 by that time according to CEBR (Centre for Economics and Business Research), and with Manchester having one of the country’s fastest growing populations, the city is on the cusp of a new growth cycle.
This is a sentiment that was shared by Manchester City Council Chief Executive, Sir Howard Bernstein, speaking in the Online Ventures Group produced report, Manchester Business Predictions 2016/17:
“Between now and 2017, our city centre is seeing more than £1 billion invested in new projects to ‘future proof’ our transport infrastructure under the banner Grow. It’s a once-in-a-generation investment, on a scale which we haven’t seen since the aftermath of the 1996 IRA bomb.
“Schemes include the Metrolink Second City Crossing and the Northern Hub project which will enable hundreds more trains and millions more passengers to come through Manchester every year.”
Innovo Property estimated that with the city set to increase by another 50,000 over the next six years, more than 40,000 new jobs could be created which could add £5.5 billion to the national economy.