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 - 2.7 million Between 2004 and 2014 the region saw a population increase of 7.2%. Student Population: University of Manchester – 39,700 Manchester Metropolitan University – 32,485 University of Salford – 20,520 University of Bolton – 6,320 (Higher Education Statistics Agency)
£72bn
£7.5bn
Greater Manchester contributes £56bn GVA (Gross Value Added) to the national economy every year, making it the largest economic area outside of London. This is projected to rise 2.8% per year until 2024 (in line with the projected national average), taking Greater Manchester’s total GVA to £72bn.
Greater Manchester sees 1.15 million international tourists a year and the total value of the international and national tourist industry to the region is £7.5bn per annum. The most popular tourist sites include The Lowry Theatre, the Museum of Science and Industry, Manchester Art Gallery, the National Football Museum and the Manchester Museum.
(Greater Manchester Property Investment Guide, 2016)
1
(Greater Manchester Property Investment Guide, 2016)
Infrastructure The Greater Manchester region benefits from a comprehensive multimodal transport network which connects the urban centres of the region with each other, the rest of the UK and with the world, 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 sees more than 20 million passengers a year, and is the largest UK airport outside of London. It connects Greater Manchester to the whole world, from California to China, and is set to see another £1bn worth of investment over the coming years. In addition, the following are also either confirmed or possible at some point in the future:
£2.2bn The Greater Manchester Internationalisation Strategy is a three-year framework which will be worth over £2.2bn for the economy and will identify the priorities which frame the region’s ambitions of becoming a top global city by 2035. (Manchester Evening News 2017)
• HS2 – Faster journeys to London and Birmingham. There has also been talk of folding this into the ongoing expansion of Piccadilly Station, however this has met with serious opposition and is in no way a done deal. For instance the University of Manchester has objected very strongly. • HS3 & electrification of the TransPennine and ManchesterLiverpool lines – Faster and more efficient transport across the North to connect the centres of all the regions, from Manchester and Liverpool, through Leeds and Sheffield across to the Humber and further North to Sunderland and Newcastle. • Smart Motorway – The smart motorway, an upgrade from the M62 which connects Manchester and Leeds is set to be completed in 2022. The project will modernise the route by creating four lanes to improve traffic flow and reduce the number of collisions. • Port Salford – A £400m development in Salford set to be the UK’s first trimodal inland port and reinvigorate the lapsed Salford dockyards. It is part of the Atlantic Gateway project, from Liverpool up to Manchester, which aims to re-establish the North West as the UK’s premier shipping hub.
6,000+ Oldham is home to more than 6,000 businesses with sectors which include construction, manufacturing, media and finance (Greater Manchester Property Investment Guide 2016)
£1bn Bolton is undergoing a £1bn transformation over the coming years, with investment in distribution and logistics infrastructure alongside further investment in the town centre, the markets and retail quarters and further residential building. (Greater Manchester Property Investment Guide 2016)
Tameside is investing heavily in educational facilities and, therefore, the future. The ‘Vision Tameside’ project is putting a lot of money into transforming the Tameside College Campus and building an Advanced Learning Centre which can accommodate hundreds of students. (Greater Manchester Property Investment Guide 2016)
2
Housing The average price of a property in Greater Manchester was £182,558 in July 2017. This average price represents a 6% increase over the previous year. Property prices and building rates in the City Region are driven mainly by the city of Manchester itself, though construction is becoming more prevalent across Greater Manchester. JLL predicts that house prices in Manchester will continue to rise by more than 26% by 2021 and this is borne out by 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. In addition to private developers, such as Knight Knox, building new dwellings, it is worth bearing in mind other sources of funding such as the Greater Manchester Housing Fund - £300m earmarked to get difficult or underfunded schemes off the ground instead of letting them fail. 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.
£5.6bn
£900m
Wigan’s economy is expected to grow 2.3% per year to 2024 and achieve a total of £5.6bn GVA. The borough also has plans to build 10,000 new homes over the next ten years.
Under the Investing in Growth programme, £900m will be invested in Stockport on a range of ambitious projects which will bring over 5,000 jobs and 1,100 homes to the town.
(Greater Manchester Property Investment Guide 2016)
(Greater Manchester Property Investment Guide 2016)
Employment There are 1.4 million people working in Greater Manchester at 105,000 businesses, including 600 ‘large businesses’ with over 250 employees. Another 110,000 jobs are predicted to be added to this total in the period up to 2024. Greater Manchester is going from strength to strength in terms of employment. Massive investment in the city from home (the Government) and abroad (China, for one) as well as the continued growth of the city as one of the UK’s foremost technology, media and communications hubs ensures that jobs keep pouring in. The average weekly wage in Manchester is currently £479.00 and the employment rate stands at around 70% which is a high figure when the city’s large student population is taken into account.
3
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 (July 2017).