Latimer Homes' new development in booming Salford Quays is addressing the high demand for well-connected Manchester property
No longer in the shadow of London, Manchester is becoming a popular alternative to the British capital and gaining a reputation as one of the best places to live, work, study and invest in Europe. Making its name in textiles, today Manchester's diverse economy is second in the UK only to London and its cultural and sporting legacy is renowned worldwide. With more firms relocating to Manchester and employment growth outpacing other regional capitals, demand is high for quality housing in the northern city.
“When thinking of the UK's strongest property markets, Manchester continues to be in a league of its own,” said Elaine Rossall, UK head of offices research at Jones Lang LaSalle (JLL). “Job creation is at record levels and is spread across a range of sectors. Commercial development is increasingly catering to occupier demand and this is translating into positive, continued growth across the other property markets.”
Manchester house prices have grown by 19 percent on average since 2016, compared with just one percent growth in London over the same period, according to Land Registry figures. JLL forecasts a further 17 percent growth in property values over the next five years and average rental yields of five percent – twice that of London rental property. This substantial price growth is driven by the shortfall of available housing, with an estimated 55,000 properties needed to support the city's projected population growth over the next 10 years.
New developments in prime locations are addressing this shortfall and creating opportunities for overseas property investment in Manchester. One notable project preparing to launch internationally is Amplify Apartments, a collection of apartments and duplex townhouses at Salford Quays, Manchester's revitalized waterfront district and the home of creative hub MediaCityUK.
With the UK economy now in the recovery phase following Brexit, Manchester's economy is forecast to grow by two percent per annum, above the national average. More than 1.4 million people work in the Greater Manchester area at 105,000 businesses, including 80 members of the FTSE 100. Salford Quays is the home of broadcasters BBC and ITV, among other household names, and less than 15 minutes from Manchester city center.
A packed events calendar and new restaurants, bars and cafes opening every week mean there's no danger of running out of things to do in Manchester. The Northern Quarter comes alive in the evening with live music and craft beer, while New Cathedral Street is the destination for fashion shopping and everything else can be found at Manchester Arndale, the largest inner city shopping mall in the UK. Local icons such as The Lowry art center and Old Trafford football stadium are just minutes from the city center or Salford Quays.
Manchester also has a sizeable student population, with more than 100,000 students attending institutions such as the University of Manchester, Manchester Metropolitan and the University of Salford. With one of the highest graduate retention rates of any UK city, many students choose to stay in Manchester permanently, maintaining long-term demand for property.
City living by the Quays
The signature new residential development of Salford Quays, Amplify Apartments combines close proximity to Manchester's finance, retail and culture districts with the serenity of waterside living. Buyers have a choice of one, two or three-bedroom apartments and townhouses designed for modern urban living. Full-height windows let natural light into the open-plan living spaces, furnished with vinyl wood effect flooring, integrated Bosch appliances in kitchens and connected media services. Residents can also make use of an onsite concierge and private rooftop garden.
From the apartments, it's just five minutes' walk to Salford Quays tram stop, which reaches St Peter's Square in the city center in 13 minutes. By train from Manchester Piccadilly station it's a two-hour journey to London, while international connections from Manchester Airport are just 20 minutes' drive from the apartments or less than an hour by tram, making a Manchester address convenient for global business and investment.