Manchester Hailed as UK’s ‘Strongest Performing City’ By New EY Report
A new report from EY has revealed that Manchester will be the UK’s top job creation area over the coming years. According to the UK Regional Economic Forecast, “Manchester is forecast to be the strongest performing city with 2.4% GVA growth and 1.2% employment growth per year between 2017 and 2020.”
On the employment front, Manchester’s administrative support, business services, transportation and storage sectors are expected to lead the city’s growth, backed by healthy growth in the consumer sectors. The figures anticipate Manchester outpacing both the North West regional GVA benchmarks over the coming years and those of the UK as a whole.
“The EY Regional Economic Forecast confirms that Manchester is one of the most exciting cities in the UK at present – and will remain so for the coming years. Its projected GVA growth of 2.2% between 2018 and 2021 position it well ahead of London and other major cities, while the employment growth rate of 1.2% a year is excellent news for those living and working in the city.”
The North Leads the Country in House Price Growth
According to EY’s projections, Manchester’s 1.2% annual job growth rate will equate to 16,300 new jobs. That’s in addition to the city’s already strong economic credentials, making a strong case for residential property investment in Manchester in the years ahead.
Not only that, but the North West is also leading the country when it comes to house price growth right now: the latest UK House Price Index shows an increase of 4.9% over the past year for the North West, the highest rate of any English region.
“Such strong market fundamentals make for an exciting buy to let property UK opportunity. Both domestic and overseas investors will be particularly keen to be a part of Manchester’s future over the years ahead, as they seek to benefit from all that this dynamic city has to offer.”
Manchester Paves the Way for An Innovative and Hard-Working City
Property developers in Manchester are keen to deliver the kinds of homes that Mancunians aspire to. The city’s Ancoats area is the place to see and be seen. Developments such as Ancoats Gardens are providing contemporary renters with outstanding homes from which to enjoy the urban lifestyle. With its exceptional rooftop terrace and spacious apartments, it is a win for renters, while yields of 6.0% NET mean that it is a win for investors too.
Manchester is a city in the midst of a period of strong, sustained growth. It already has the honour of having been crowned the UK’s fastest growing city, with both GVA and employment growing at 3.8% per year between 2015 and 2018. Now, it’s future success as well as its past is showing the country just how much an innovative, hard-working city can achieve.
“Manchester’s success is much lauded and rightly so – that the city is once again leading the UK with comparatively strong employment and GVA figures is of course great news.”
Bob Ward, North West Senior Partner, EY
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