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Last year most property sales in Manchester City Centre involved flats which sold for on average £206,043. Terraced properties sold for an average price of £261,258, while semi-detached properties fetched £175,233.
During the last year, sold prices in Manchester City Centre were 8% up on the previous year and 17% up on 2007 when the average house price was £178,325.
Manchester had a total of 217,240 homes according to the 2011 census. Owner occupation (37.8%) is way below the national average (63.3%), and the number of households renting privately (28.4%) well above the national average (16.8%). In addition to normal household demand, the large corporate and student sectors also make the city popular with investors.
Current gross initial yields are higher than in many other large cities in the country, and considerably better than those on offer in London. Rental growth prospects are also strong, given the projected growth in household numbers and the likelihood that supply will not keep pace with demand.
The economy has been growing at an average rate of just under 3% per annum for the past decade and is forecast to accelerate over the next decade. More than 140,000 people are currently employed within the city centre, a number which is projected to rise consistently over the next five years. The city is also a leading hub of the UK’s Northern Powerhouse agenda to promote growth and regeneration outside London and the South East. Thousands commute into the city centre everyday from around the North West and further afield due to the vast amount of job prospects.
Manchester’s economic growth has been driven by the rapid expansion of a number of sectors including commercial and professional services, science and research, culture and media, advanced manufacturing and information and communications technology (ICT). It is now one of the top European cities for business location.
The economy has been growing at an average rate of just under 3% per annum for the past decade and is forecast to accelerate over the next decade.
Manchester city region offers a high-quality workforce of 7.2 million people within an hour’s commute of the city centre.
The region is recognised as being a leading European business destination across a number of industries as is fast becoming a magnet for attracting global talent.
Manchester has a distinctive geography of concentrated clusters containing a varied, qualified, skilled and sustainable labour pool. Manchester is unique in having a large quantity and quality of potential employees across a wide range of different industries, including digital and creative technologies, energy and environment, financial and professional services, life sciences and health innovation, logistics and manufacturing.
[Source: HESA 2016 & Annual Population Survey 2016, ONS]
Manchester’s population has grown rapidly over the past decade, with the number of people living in the city increasing by over 80,200 between 2001 and 2011 – a rise of nearly 20%, the highest of any town or city in the UK. The city is home to an increasingly youthful and talented population, who are attracted to the city by high-skilled growth sectors and more affordable housing. A growing number of the student population choose to stay in Manchester after graduating, attracted by the career, cultural and leisure offerings.
The number of young professionals, generally aged 20-29 years old, living in Manchester has increased from 86,600 in 2001 to 128,900 in 2015 (MYEs), which in part will be due to increased graduate retention. In 2015, almost a quarter of residents were aged 20 to 29 compared to 13.4% across England, further highlighting Manchester’s rapidly growing younger population profile compared to the national average.
There are three universities in the City of Manchester. The University of Manchester, Manchester Metropolitan University and Royal Northern College of Music. The three universities are grouped around Oxford Road on the southern side of the city centre, which forms Europe’s largest urban higher education precinct.
Manchester benefits from excellent transport links both nationally and internationally with Manchester Airport (the largest in England outside the south east) being the primary international gateway for the North of England. It is the third busiest in the UK and operates flights to more worldwide destinations than any other airport in the UK.
Greater Manchester lies at the heart of the North West transport network. Much of the infrastructure converges at Manchester city centre with the Manchester Inner Ring Road, an amalgamation of several major roads, circulating the city centre. Manchester also boasts the Metrolink, the largest tram system in the UK, which provided travel to over 34 million people in 2016.