Manchester enjoys huge boom in residential development
As a leading property investment company, Surrenden Invest has long had its corporate eye fixed firmly on Manchester. The city offers some excellent prospects for buy to let investors looking for strong returns. In fact, the whole of the North West is an attractive area for residential development investors, with HM Land Registry’s latest house price index confirming that it is leading the UK for both monthly and annual house price growth at present.
With the city suffering a major housing shortage (like many of the UK’s urban areas), Manchester is in desperate need of new homes – and recent figures show that that is precisely what it is getting. Deloitte Real Estate’s annual Manchester Crane Survey reports that 2018 was the city’s third record year in a row for residential real estate development. A total of 48 residential schemes were underway over the course of the year. Together they account for some 14,480 homes – 3,345 more than were under construction at the same time in 2017.
Not only that, but the pace of the construction is continuing to increase – so much so, that more homes should be delivered over the coming three years than were built in the last decade.
“Last year Manchester established itself as one of Europe’s fastest growing cities, and this year’s report shows no sign of activity slowing down. The city is leading the way in catering for an increasing population through the development of entire new neighbourhoods – whether that is bringing forward new living, retail or office space. These new districts are redefining the parameters of the city centre as development spills out into the suburbs, particularly in the northern and eastern quadrants of the city.”
Simon Bedford, Partner, Deloitte Real Estate
