The latest UK House Price Index has highlighted the North West as leading the UK in terms of monthly price rises, with an increase of 3.4%. The region’s economic powerhouse, Manchester, has done much to fuel the increase. Its thriving business environment is home to global head-quarters and creative businesses, with more than 2,000 foreign-owned firms in Greater Manchester, according to Invest in Manchester.
“Manchester is an exceptionally attractive environment for contemporary businesses. The city is home to a thriving professional and financial services sector, a dynamic media hub, a robust advanced manufacturing sector and much more. With 100,000 students at Greater Manchester’s universities, the pipeline of fresh talent is also considerable”
Some of the largest companies based in Manchester include motor group Lookers and Essar Oil (UK). Other big companies with a significant presence in Manchester include those in the media sector – most notably the BBC and ITV. Then, of course, there are the city’s two world-famous football teams, with Manchester United topping Forbes’ 2018 list of the world’s most valuable teams.
“Manchester United takes the top spot, worth $4.12 billion, up from $3.69 billion last year. Manchester United generated the most revenue ($737 million) during the 2016-2017 season and nearly 50% more operating income ($254 million) than any other soccer team”
The numbers speak for themselves when it comes to what drives companies to base themselves in Manchester. Operating costs there are up to 40% lower than those in London, according to Invest in Manchester. Meanwhile, Oxford Economics has stated that the level of job creation in Manchester could outpace that experienced by world-class cities including Berlin, Tokyo and Paris between 2015 and 2020.
Greater Manchester’s gross value added (GVA) stood at £62.8 billion in 2016, based on Office for National Statistics figures. Its economy grew by a staggering 42% in the decade to 2012, with job growth of 84% between 2002 and 2015, according to Centre for Cities (double the average rate for the North of England).
This diverse and thriving business community is driving up Manchester’s population, as workers flock to the city both from within the UK and from overseas. That, in turn is impacting on Manchester’s housing market in a number of ways. Not only is the city contributing to the North West leading the UK in terms of house price rises, but it is also showcasing some delightfully innovative new residential developments, such as Ancoats Gardens.
The 155 apartments at Ancoats Gardens will offer a superior standard of living in a prized location. With ceilings up to 2.7 metres high (some 0.5 metres higher than the average new build rental apartment) and floor to ceiling windows, the homes are spacious and full of light. On-site facilities are second to none, from the vast, split-level gym to the relaxing coffee lounge and attractive roof gardens.
“Manchester is in the privileged position of having superb business credentials, a global reputation and a talented and hard-working population. Add to that its myriad cultural attractions, leisure facilities and dining scene, and the city’s long-term prospects appear impressive indeed.”
To find out more about Manchester’s evolution to global city status, check out our Manchester Then and Now brochure. For ongoing updates on all things Mancunian, as well as developments in other leading regional cities in the UK, you can follow Surrenden Invest on social media.