Demand for prime city-centre property continues to boom in Manchester according to the latest figures from JLL, who have recorded a 117% rise in people moving to the city in July this year compared to 2018.
Rental demand also rose with lets rising by 103% over the same period as Manchester remains a hotspot for property investors due to its strong rental demand linked to the high number of young professionals living in the area.
Louise Emmott of JLL said: “Manchester is becoming increasingly in demand as a city, as young people are priced out of the capital and businesses look to ‘north-shore’ parts or all of their offices.
“Manchester has so much to offer – it’s teeming with culture, sport, a world-class food and drink scene and a booming night-time economy. This, paired with the area’s impressive business credentials, means that it’s hugely appealing to younger generations that want the big city feel but can’t afford or access London.”
Both house prices and rents continue to rise much as they have over recent years, in some cases outperforming the rest of the UK. As more businesses move to the city, with significant telecommunications brand TalkTalk the latest to relocate there, it is forecast that more people will move to Manchester in pursuit of their careers.