INVEST IN
GREATER MANCHESTER
INTRODUCING
GREATER MANCHESTER Greater Manchester is a metropolitan county in the North-West of England, encompassing one of the largest metropolitan areas in the UK and is comprised of the following Boroughs: Bolton, Bury, Oldham, Rochdale, Stockport, Tameside, Trafford and Wigan alongside the cities of Manchester and Salford.
Population
Greater Manchester
Greater Manchester - 2.8 million Between 2004 and 2014 the region saw a population increase of 7.2%. Student Population: University of Manchester – 40,490 Manchester Metropolitan University – 38,000 University of Salford – 19,995 University of Bolton – 11,000
£72bn The Greater Manchester economy expanded 30.2% between 2005-2015 and now contributes £59.6bn GVA (Gross Value Added) to the national economy every year, making it the largest economic area outside of London. It is projected to rise 2.8% per year until 2024, taking Greater Manchester’s total GVA to £72bn. (Greater Manchester Property Investment Guide, 2017)
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2018 saw new routes announced between Manchester Airport and destinations like Israel, Ukraine, Addis Ababa and Mumbai
Infrastructure The Greater Manchester region benefits from a comprehensive multimodal transport network which connects the urban centres of the region with each other, supporting the linkage of skills and goods. Manchester itself is home to the UK’s largest light rail network (which is currently being extended even further) and Manchester Airport. The airport facilitates more than 26 million passengers annually, and is the largest UK regional airport outside of the capital. Wherever you are in the region you’re never too far from public transport which can take you to the centre of the city – Manchester’s local tram system Metrolink welcomed 41.2 million passengers in 2017/18 and on-going expansion to the routes will make it more accessible than ever.
27.7million Manchester Piccadilly served 27,724,962 passengers over 2017/18, making it the fourth busiest station outside of the capital (Office of Rail and Road, 2018)
• Road – Manchester benefits from some of the best connected roads in the UK, with on-going investment into the city centre Regent Road network set to improve some of the busiest junctions. 60% of all businesses and 20 million consumers are within two hours’ drive of the city centre thanks to the regions connection to the UK’s major motorway network. • Rail – Home to some of the UK’s busiest stations including Manchester Piccadilly, the UK’s fourth busiest station outside of London which welcomed over 27 million passengers over 2017/18, Greater Manchester is very well connected to the rest of the UK by rail. Plans for the upcoming HS2 link will reduce journey times between Manchester and London to 1 hr 8 mins. • Air – Manchester Airport is the UK’s largest regional international airport and connects passengers to over 200 destinations, including all of Europe’s major cities, the Middle East, Beijing, Hong Kong, Singapore and 11 US cities including Boston, New York, Los Angeles and San Francisco. 2018 saw new routes announced between Manchester and destinations like Israel, Ukraine, Addis Ababa and Mumbai.
HS2 will slash journey times from Manchester to London by an hour, down to just 1 hour 8 minutes
£62.8bn
£7.9bn
The ten boroughs of Greater Manchester combined make the largest city region economy outside London, with a gross value added (GVA) of £62.8bn
Tourism is the most valuable sector to Greater Manchester’s economy and is worth £7.9bn, attracting 119 million visitors per year and supporting 94,000 jobs around the region. At a wider regional level there has also been a 7% increase in the number of international tourists across the North West in the last year.
(Invest in Manchester, 2018)
(Manchester Evening News, 2017)
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Housing Manchester boasts one of the UK’s busiest housing markets so it’s no surprise that house prices in Manchester have grown more than anywhere else in the UK, beating the national average for five out of the six years since 2012. This was particularly demonstrated in 2017 when Manchester’s property prices rose by 11%, 5% higher than the national average, and 6% higher than the UK average. The average price of a property in Manchester was £189,544 in December 2018 according to Zoopla. This is compared to an average price in London of £653,587, despite house prices in Manchester rising by over 30% in the last five years. JLL predicts that house prices in Manchester will continue to rise, with projections of a 22.8% increase by 2022, whilst rents are set to rise by 17.6% over the same period. This is borne out of the continuing imbalance between supply and demand in the city, combined with its growing stature as one of the best places for young people to live. Hundreds of dwellings are built in Manchester every year but the rate at which developments are completed is not close to the level required. Salford in particular is a new residential hot spot, especially for buy-to-let. The development of MediaCityUK has driven a change in the area and the old docks are quickly becoming one of the premier destinations for technology, media and telecommunications businesses in Europe and the world.
£1bn
£100m+
The council has created a £100 million development fund to kick start development and bring in £1 billion of development and investment to Bolton
Wigan has been successful over the years in securing over £100m of external funding to support the growth and prosperity of the local area
(Business Bolton, 2018)
(Invest in Manchester, 2018)
Employment Greater Manchester is a global destination for business, with a number of leading sectors including advanced manufacturing, financial and business services, life science and healthcare and a digital and creative sector worth more than £4bn annually. Manchester has seen job growth of 84% between 2002-2015, and the annual UK Regional Economic Forecast anticipates no slowdown, with Manchester’s employment growth expected to sit at 1.2% a year, equivalent to 16,300 new jobs.
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Contact us Whether you are looking for a high-yielding investment property or would like to enquire about becoming part of our extensive Agents Network, please contact us to set up a meeting to further discuss your requirements and determine how Knight Knox can best help you. Get in touch Address: Knight Knox, Quay West at MediaCityUK, Trafford Wharf Road, Manchester M17 1HH Tel: +44 (0)161 772 1370 Fax: +44 (0)161 241 5360 Email: info@knightknox.com Find us online Website: www.knightknox.com
The content contained within is correct at the time of publishing (March 2020). V2 13032020