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Over the past decade, there has been a significant influx of investors in the Manchester area. The economy of Manchester is among the largest in the UK. According to a report by Irwin Mitchell, the Greater Manchester economy is set to grow by £1.9 billion and employ over 27,000 people by the end of 2023. This economic growth is driven by diversifying traditional industries into new markets.
As of September 2022, house prices in Manchester increased by 9.1%. As the demand for housing increases, house prices are set to continue rising. Buyers are drawn to the Manchester property market due to great architecture, a thriving music scene, internationally recognized football clubs, a world-class orchestra, top-rated schools, a film and TV production industry, and booming property development.
Manchester is home to an international airport and efficient public transport systems. Low transport costs saving passengers up to 50% on some journeys will lessen the burden of the cost of living. The new Greater Manchester bus system is making immediate benefits for the people of Manchester.
Property values in Manchester
On average, newly built properties in the northwest had an average price of £308,951 in February 2022, while second hand properties had an average of £197,965. By July 2022, the average price of detached houses was £405,117, £273,637 for semi-detached houses, £204,217 for terraces houses, and £188,307 for flats.
Leisure and recreation
Manchester is known for the booming real estate market, music, and football, but there are other attractive qualities that attract investors globally.
1. Art
For art enthusiasts, Manchester is home to the Manchester Art Gallery and the Whitworth Art Gallery, where the general public can experience art from renowned artists. These art galleries offer creative sessions that families can participate in.
2. Manchester Museum
Manchester museum is one of the most popular destinations. This museum exhibits objects of Egyptian and Japanese origin, a pop culture archive, natural history collections, an aquarium, art, and many other interesting exhibits. A trip to Manchester Museum will educate you about our past as a human race and introduce you to amazing art and culture.
3. Manchester Central Library
Manchester Central Library is the oldest surviving public library in England. This centuries-old building holds ancient books, an extensive music library, a media lounge, a children’s library, a BFI mediateque, and a host of valuable publications that are very rare today. The stunning architecture is a must-see.
4. Football lovers’ dream
Manchester is home to the National Football Museum, Etihad Stadium, Manchester United Museum, Old Trafford, and many other sporting attractions that every football lover dreams of visiting. Manchester is the home of football in the UK. A day trip to any of these locations will give you an opportunity to experience the grandeur of football as a sport and the history behind it.
5. Entertainment
Manchester has many theatres, cinemas, live comedy venues and dance productions to cater to the entertainment needs of the people of Manchester. Visit Palace Theatre or Manchester Opera House for live performances throughout the year or Odeon and Cineworld cinemas for a movie night out. If you love pop culture, Manchester Arena attracts some of the biggest names in the show business. Entertainment in Manchester is not limited, which is why Manchester is packed with talented individuals.
The suburbs, safe communities, local amenities, accessible entertainment sports, transport links, and top-rated schools positively contribute to the growth of the Manchester area property market.
