The Manchester property market is booming, with more developments under construction than ever before, and more property for sale in the area than in recent years. The strength of Manchester’s economy continues to grow and more people are moving to the city to take up employment and enjoy the buzz of city centre living.
Developers and investors in both the UK and overseas, in countries such as China, Russia and the Middle East have begun to look outside of London for the next property hotspot, with Manchester first on their list. There are currently roughly 7,000 properties under construction in the city centre, with a further 8,000 in suburbs such as Salford and Salford Quays, and even more in the Greater Manchester area. It is expected that the population will reach 60,000 by 2027, a huge increase compared to the 6,100 population in 2002.
Providing properties for sale in Manchester for young professionals, couples and families, these developments continue to boost the economy of the area.
Residential property development
The city centre skyline is being transformed by the vast number of apartment blocks being developed across the city including luxury apartment blocks such as the Ice Plant, Jactin House and Flint Glass Wharf.
With property in such high demand, developers are beginning to branch out of the city centre into the leafy suburbs in search of more space. The Meadowside residential development, which will border the city’s largest green space, started in August, with the various blocks set to provide 756 apartments, gyms, terraces and private residents lounges.
In other suburbs, there are a variety of developments that are bringing life into areas which were often overlooked for redevelopment. For example, our own Blackmore Homes development of St. Augustine’s church in Cheadle Heath provides commuters with excellent links to both Stockport and Central Manchester. Properties like this for sale in the Manchester area provide a perfect balance of being near the city, without the hustle and bustle.
Commercial property development
The extensive regeneration and growth in population has led to an increase in demand for commercial properties. As the largest economy in the North West, with a potential workforce of 7.2 million people within an hour of the city centre, Manchester is experiencing an influx of businesses looking for commercial property.
In recent years there have been a variety of mixed-use commercial property developments across the centre of Manchester. For example, St Michael’s in Albert Square is a mixed-use development which houses a hotel, synagogue, leisure centre and a rooftop terrace and garden.
Although the city centre commercial developments are thriving, there are similar stories in areas such as Stockport and Bolton. A great example is the Stockport Exchange, which is a new business district for the town.
At Blackmore Homes, we are passionate about providing investors with property for sale in Manchester. To find out more about investment opportunities, please contact our experienced team.