WATERSIDE WEST

Contents Waterside West 12 Maps 16 Specification

Greater Manchester 20 History 21 Demographics 22 Economy 23 Employment & Incomes 24 Transportation 25 Education 26 Regeneration 28 Housing Market 30 Lifestyle

UK Investment Case 32 Overview 34 Economy 35 Economic Structures 36 Income Growth 37 Housing Market

Computer generated images are intended for illustrative purposes only

The Development

Waterside West is a collection of 108 contemporary apartments set beside Manchester’s historic Bridgewater Canal. The building completed in 2020 to meet the growing demand for quality accommodation near Manchester’s key employment hubs. With global brands such as Amazon and Deloitte expanding headquarters in the city nearby, the development offers the perfect lifestyle balance for young working professionals looking for comfort and convenience.

Computer generated images are intended for illustrative purposes only

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GREENQUARTER

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SALFORD

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Riverpark Road

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S en

Da n

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Points of Interest

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AREA MAP Ro

Ha nk ins

VICTORIA

National Football Museum

Chur

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Manchester Central Library Beetham Tower ind W

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The

Phoe

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ORDSALL

MediaCity UK

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37min Walk / 15min Cycle / 23min Tram

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Cornbrook Tram Stop

Mancunian

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Higher Ardw

Manchester Central Mancunian Way

Co-op Food Supermarket

Manchester Central d

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UNIVERSITY DISTRICT

Royce Road

t es

oth

HULME

Str

The University of Manchester

Pharmacy

Stre

Str

O2 Apollo

Way

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26min Walk / 9min Cycle / 17min Tram National Football Museum

ARDWICK

Bur

Old Trafford

Greenh

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Str

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27min Walk / 10min Cycle / 15min Tram

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Str

Imperial War Museum

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Greenhey

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Ply

Lloyd Street North

Hulme High Street

Chichest er Road Sou

OLD TRAFFORD

Pin e

Lan

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War

CrossFit Gym

4min Walk / 1min Cycle

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Co-op Supermarket

Alexandra Road

OLD TRAFFORD

THE CURRY MILE

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Upp

hing

Wit

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Alexandra Road South

d Roa

Claremont Road

Manchester Central Library 23min Walk / 8min Cycle / 14min Tram

Education

The Lowry Theatre and Shopping Outlet 32min Walk / 11min Cycle / 22min Bus

Hulme Hall Bus Stop WHALLEY RANGE

Cornbrook Tram Stop

RUSHOLME The University of Manchester

32min Walk / 14min Cycle /

14min Walk / 4min Cycle /

2min Walk, 1min Cycle

6min Walk, 2min Cycle

33min Walk / 12min Cycle /

Manchester Arndale Shopping Centre

22min Tram

29min Walk / 10min Cycle / 19min Tram

R ne

ll L an

10min Tram et So

uth

19min Tram

Deansgate Train Station

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2min Walk

Great Western Street

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King

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Sta

LONGSIGHT

Manchester Piccadilly Station g Kin

Stre Lloy d

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Pla

Ye ree

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Employers

Road

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FIRSWOOD

Kir

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Transportation

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Local Amenities

MOSS SIDE

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29min Walk / 12min Cycle / 8min Bus m

Bold

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Manchester City Council

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So et shir

MANCHESTER SCIENCE PARK ling

Manchester United Football Ground

Davy

14min Walk / 4min Cycle / 12min Tram

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Road

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Lane

Str

Traffo

ion

ace

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Sir Ale

bri

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Boundary Lane

Birl

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ton

Beetham Tower

Old

EZ Supermarket

Gor

32min Walk / 10min Cycle / 18min Tram

Hig

Cit

Victo

Science and Industry Museum 18min Walk / 5min Cycle / 16min Tram

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25min Walk / 8min in Cycle / 13min Tram

Bir

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MediaCity UK

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Manchester Art Gallery

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Man

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Manchester Piccadilly Station

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Wil

BESWICK 37min Walk / 15min Cycle / 23min Tram

THE GAY VILLAGE

Str

Manchester Metropolitan University

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arl

ays

Tra

MediaCity UK

Chinatown 27min Walk / 10min Cycle / 14min Tram

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Imperial War Museum

DEANSGATE LOCKS

Hulme Hall Bus Stop

SALFORD QUAYS

PARK

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The

The Lowry Theatre and Shopping Outlet

Deansgate CrossFit Gym Train Station

Waterside West

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MEDIACITYUK The

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Qua

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BBC Manchester

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St re

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Robe

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Sack

Gre

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46min Walk / 15min Cycle / 27min Bus

PICCADILLY

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MANCHESTER CENTRAL

O2 Apollo

CASTLEFIELD

Chinatown

Science and Industry Museum

Str

tain ree

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NEW ISLINGTON

NORTHERN QUARTER

Stree t Cross

Manchester City Council Ga

Low er

Sainsbury's Supermarket

Bro

Byro m St reet

South Langwo rthy Ro ad

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Manchester Art Gallery Sp

ilt

SPORTCITY

Ev e

H Da

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36min Walk / 13min Cycle / 17min Tram

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Mid

King Str

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SPINNINGFIELDS

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Mid la

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MANCHESTER

Cro

Fitzwarren Street

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Northern Quarter

SHOPPING DISTRICT

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Manchester Arndale Shopping Centre

PENDLETON

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Shud

Northern Quarter

BLACKFRIARS

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ANCOATS

34min Walk / 13min Cycle / 12min Tram

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Liverpool Stree

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Old Trafford

St r

St re et

A da ir

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Nicholas Croft

Amazon WeWork Deloitte

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Stre et

High

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Gore Av

Str ee

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Low

Birch Lane

y Road

Seedle

St re e

Sainsbury’s Supermarket

Matthews Lane

10min Walk / 3min Cycle

BBC Manchester

Deloitte

Amazon

WeWork

Manchester Metropolitan

EZ Supermarket

39min Walk / 13min Cycle /

35min Walk / 11min Cycle /

University

11min Walk / 3min Cycle /

21min Tram

21min Bus

29min Walk / 10min Cycle /

Pharmacy

19min Bus

10min Walk / 3min Cycle

Specification Living Room •

Wide plank timber flooring

•

Electric heating with flat-panel heating throughout

•

LV spotlights

•

Stainless steel switches and power sockets

•

Ultrafast broadband connection

•

Visitor security access system

•

High-quality ironmongery

Kitchen •

Fully-fitted SieMatic Urban kitchen

•

Soft-close drawer system with concealed handles

•

Solid worktop with tiled splash back

•

Inset Blanco sink and drainer

•

Blanco mixer tap

•

Neff ceramic induction hob with touch controls, concealed extractor hood and glass splashback

•

Integrated Neff oven

•

Full-height Neff fridge-freezer unit

•

Full-size Neff dishwasher

•

Bosch washer-dryer

•

Stainless steel power sockets

•

Concealed lighting under storage cabinets

Bathroom •

Bath and overhead rain shower

•

Vitra anti-slip enamel baths and shower trays

•

White Vitra porcelain sanitaryware

•

Surface-mounted contemporary tap in brushed stainless steel

•

Toughened full-height shower screens

•

Large-format porcelain tiles throughout

•

Full-width mirror with concealed storage cabinet

•

Stainless steel shaver socket

•

LV spotlights

Bedroom

•

Whitewashed, wide-format timber flooring

•

Electric heating with flat-panel heating throughout

•

Ambient bedside light

•

Stainless steel switches and power sockets

Computer generated images are intended for illustrative purposes only

Manchester Overview Greater Manchester is a metropolitan county in North West England and is home to 2,854,540 people. It includes ten metropolitan boroughs: Bolton, Bury, Oldham, Rochdale, Stockport, Tameside, Trafford, Wigan, and the cities of Salford and Manchester. It is one of the country's largest metropolitan regions, and the second-most populous area in England, outside of London as of 2021. Due to its large population, Greater Manchester is one of the most economically diverse regions in the UK and is one of the main drivers of the northern economy. At present, there are approximately 1.4 million jobs that contribute towards Greater Manchester’s GVA of GBP67.2 billion (2021). The Greater Manchester area generates nearly 40% of total output (GVA) in the North West and 19% across the North of England. Manchester, Salford and Trafford have seen the largest growth over the last 21 years, contributing 56% of Greater Manchester’s GVA in 2021.

Demographics

Located 163 miles northwest of London, the city of Manchester is rich in history and industrial heritage. The area dates back to the Roman Empire and later became an integral part of Britain's industrial revolution. Manchester's* strategic geographical location, and natural resources (predominantly coal) allowed the city and surrounding areas to capitalise on textile production during the Industrial Revolution. As a result, in the early 19th century, the extraordinary growth of Manchester's cotton industry drove the town's expansion and placed it at the heart of the global manufacturing and trade network. Manchester and its surrounding areas emerged as a complex industrial city, producing goods of every description. The city became the world’s first industrialised metropolis during the 19th century, with the establishment of the Victoria University of Manchester (now The University of Manchester) in 1824. Today, Manchester and its surrounding areas have grown beyond the predominately industrial origins into a diverse and state-of-the-art economic base, now the epicentre of the Northern Powerhouse. It is also rich in sporting history, with two of the world’s largest football teams, Manchester United and Manchester City F.C, calling the area home.

Manchester underwent a significant transformation during the Industrial Revolution, attracting entrepreneurs and manufacturers in abundance. The population grew consistently year-on-year until the 1960s, when a number of manufacturing jobs began moving to countries with significantly lower costs. This ushered in a peiod of economic decline and depopulation for Manchester. The trend persisted until the early 2000s, when a combination of natural population growth and inward migration (as a result of renewed economic growth), saw the number of residents in the area begin to rise once again. Manchester’s working population has increased by 25% in the last 20 years, compared to the UK national average of 11%. Manchester City is currently the 5th most populous city in the UK, registering 558,840 residents as of 2021. Combined with Trafford and Salford, the total population for the area is expected to reach more than 1,154,970 by 2035, a 36% increase since 2000. Manchester, Salford & Trafford Population (1981-2035) 1,190,000 1,140,000 Population

History

1,090,000 1,040,000 990,000 940,000 890,000 840,000

1981

1985

1989

1993

1997

2001 2005 2009 2013

2017

2021

2025

2029 2033

1903

*when referring to Manchester, assume the city of Manchester

Sources: Britannica, Science & Industry Museum, Evan & Evans

Economy

Employment & Incomes

As a result of successful economic initiatives such as the Northern Powerhouse project, Manchester’s GVA has grown by 63% since 2000, totalling GBP41.3 billion as of 2021. Following a small dip in 2021 due to the global pandemic, the economy is expected to produce GBP55.6 billion per annum by 2035. At the same time, average GVA per capita has risen 31% since 2000 and is expected to increase by a further 24%, reaching GBP48,111 by 2035.

The city of Manchester is the economic hub of the Northern Powerhouse. Residents have therefore experienced significant wealth gains, with average household disposable incomes increasing by 92% between 2001 and 2021. This trend is expected to continue, with households seeing a further 51% gain over the next 14 years. After experiencing a slight increase due to the global pandemic, the unemployment rate will resume its overall downward trajectory in line with the recovery from 2022.

Manchester's Economic Growth 2000-2035

Manchester City’s Disposable Income and Unemployment Rate

14.0

£61,000

£55,000

12.0

£56,000

£43B GVA

£60,000

£51,000

£38B

£46,000

£33B

£48,111

£28B

£41,000 £36,000

Disposable Income

£48B

£66,000

GVA per Capita

£53B

£31,000

£23B

£26,000

£18B 2005

2010

2015

GVA (Left Axis)

2020

2025

2030

£50,000

10.0

£45,000

8.0

£40,000

6.0

£35,000 £30,000

4.0

£25,000

2.0

£20,000

£21,000 2000

16.0

£60,670

2000

2005

2035

2010

2015

2020

Household Disposable Income (Left Axis)

GVA Per Capita (Right Axis)

2025

2030

2035

Unemployment Rate

£65,000

£55.6B

0.0

Unemployment Rate (Right Axis)

The number of households in the city earning less than EUR35,000 per year is declining at a rapid rate. At the same time, the number of households entering the middle-and-upper-income bands is rising dramatically. By 2035, the number of households in the higher income brackets will have grown by 288% since 2021 and 1,346% cumulatively since 2010. Manchester City's Household Numbers by Income Band (2010-2035) 153,410 (+31%) Cumulative: +129%

180,000

Household Numbers

160,000 117,510 (+76%)

140,000 129,530 120,000

88,330 (-32%)

100,000 80,000

66,940

60,000 40,000 20,000 2010 Income €0-€35,000

Source: Oxford Economics

12,660 (+272%)

3,400

Source: Oxford Economics

49,180 (+288%) Cumulative: +1346%

44,040 (-50%) Cumulative: -66%

2021 Income €35,000-€100,000

2035 Income €100,000+

Transportation Manchester’s strategic location and transportation network via rail, road, and air provide excellent connectivity throughout the UK and abroad. Rail Manchester’s Piccadilly Station is well connected with direct lines to cities such as London and Birmingham. Between 2019 and 2020, the station recorded 32.1 million entries and exits.

Education

Manchester already benefits from excellent rail links to key UK hubs, and the high-speed HS2 rail line (currently under development) will further shorten journey times. It will ensure that London is reachable within just over an hour’s commute from Manchester and is expected to bring about 180,000 new jobs and add GBP1.3 billion to Greater Manchester’s GVA once completed.

Greater Manchester’s highly regarded education system and exceptional lifestyle have attracted many students from both the UK and abroad. The city makes a prestigious feature on the Top 50 Best Student Cities list (QS World University Rankings).

Light Rail Manchester’s tram dates back to 1901 when the Manchester Corporation Tramways came into operation. Today, Manchester and the surrounding areas are serviced by the Manchester Metrolink, a light rail system carrying 110,000 commuters daily. It currently encompasses 7 lines with 99 stops and is undergoing major extensions. The most recent, finished in 2020 is the Trafford Park Line costing GBP350 million. A number of enhancements are still in the pipeline as part of the Greater Manchester Transport Strategy 2040.

Air Manchester Airport is the largest in the UK outside of London. As a truly global hub, the airport provides its 23.5 million passengers with direct flights to 225 destinations, including the world’s commercial centres such as Dubai, New York, and Hong Kong. An integrated HS2 station at Manchester Airport will enhance accessibility. It will strengthen the airport’s position as an international gateway and expand the economic effect of the Airport City Enterprise Zone, which is expected to attract global companies and create 20,000 jobs over the next 10 years.

7hrs 25mins

Abu Dhabi

7hrs 50mins

Dubai

8hrs

New York

9hrs 50mins

Chicago

11hrs 40mins

Hong Kong

12hrs 25mins

Beijing 1

The world-renowned University of Manchester is the city’s largest, ranking 5th in the UK and 51st globally. It has over 10,000 members of staff as well as 36,557 students (of which 41% are international) and offers more than 1,000 higher education courses. It also has an impressive 25 Nobel Prize winners among its current and former students and staff. It is a member of the prestigious Russell Group, with over a third of the university’s research classified as world-leading.

Manchester Metropolitan University is Manchester’s second largest, with over 28,375 students (of which 17% are international). It attracts the 3rd highest number of applications out of any university in the UK and prides itself on strong partnerships with corporate organisations at a regional, national, and international level, including the BBC and IBM.

1hr 30mins

Brussels

With more than 100,000 students, the majority of whom are enrolled in the three most prominent universities; Manchester has one of the largest student populations in Europe. It also has one of the largest volumes of international students at 26,000 and a graduate retention rate of 51%, second only to London in the UK. The high graduate retention rate has resulted in 38% of Manchester’s population under the age of 25. These contributing factors bode well for a strong rental market and add to the growing local economy as major firms establish offices to take advantage of the young and highly educated talent pool.

Hour

Sources: Office of Rail and Road, HS2, Transport for Greater Manchester, Smart Transport

The University of Salford is the fastest-growing university in the Northwest and the fifth fastest-growing in the UK. It currently has 16,793 students enrolled, of which 20% are international. The university is also the highest-ranking for student satisfaction in Greater Manchester. Almost two-thirds of the graduates stay for employment in Greater Manchester after their studies, contributing GBP319 million in Gross Value Added (GVA) to Greater Manchester’s economy. Sources: Times Higher Education, Business Leader

Regeneration Manchester has undergone a remarkable transformation since the mid-1990s. Numerous successful projects such as Hulme, which is regarded as one of Europe’s most successful comprehensive regeneration projects of its kind, have attracted people back into the city, making Manchester a leader in the revival of city-centre living.

Circle square

St. John’s

Enterprise City

The Factory

NOMA

Circle Square is Manchester’s GBP750 million mixed-used development scheme that is expected to be completed in 2022. The 2.4 million sq ft development was set to be completed in three phases, with No.1 Circle and No.2 Circle already completed in 2020. The development aims to create 10,000 new jobs with prominent businesses, such as Hilti, Xero and Hewlett Packard.

St John’s is a GBP1 billion development of a 15-acre plot within the heart of Manchester set to be completed in 2025. The development will see up to 2,500 new homes, circa 600,000 sq ft of workspace (mostly aimed at creative industries) and up to 400,000 sq ft of leisure space, incorporating some of the existing entertainment and studio buildings. The development is comprised of three nodes: Enterprise, Culture and Living.

Enterprise City is an inspirational new district of the city located within St. John’s and its wider regeneration. The new development is set to be completed in 2025 and will be one of Europe’s most concentrated city centre hubs for digital, creative and media enterprises, supporting local businesses while also attracting global companies.

The Factory is a GBP 110 million development which is due to open in 2023 and will be Europe’s largest and newest arts and performance venue. It will be the new home of the world-renowned Manchester International Festival, which sees over 300,000 visitors a year. The Factory will be ultra-versatile, enabling large-scale artistic works of invention and ambition. Dance, theatre, music, opera and visual arts will come together with technology in ground-breaking combinations to push boundaries and facilitate art of the future.

NOMA is Manchester’s GBP800 million development set to be completed in 2025. When completed, the development will consist of 4 million sq ft of new and refurbished offices, retail and leisure space.

The fully completed development will consist of 1.2 million sq ft of workspace, 1,700 new homes and over 100,000 sq ft of retail, leisure space, restaurants, bars, and cafes. The development will be centred around Symphony Park. This vast new park, the first in the city for a generation, will host a variety of community and cultural events celebrating the city’s dynamic and creative community for residents and visitors alike.

The Manchester Core Strategy 2027 was established in 2012, focusing on urban renewal, economic development, education, and environmental reclamation. It aims to create a sustainable and accessible city that is highly ranked not only in Europe but around the world. The strategy established five key regeneration areas that are spread across Manchester.

Enterprise City will feature 500,000 sq ft of space across an integrated series of buildings and is expected to create approximately 10,000 new jobs for Manchester.

Sources: Manchester City Council, Urban Strategies, Muse, Circle Square, Manchester News, Enterprise City UK, North West Place, St John’s, NOMA

The first commercial building was completed in 2018 with the likes of Amazon (first HQ outside of London), Deloitte, WeWork, and Co-op, making NOMA their choice of home. To date, employment within NOMA is currently just over 6,000, with the total number of jobs expected to reach 15,000 once completed.

Housing Market

Supply

Manchester’s population declined in the 1960s due to the unfavourable economic climate; however, this trend was reversed by the early 2000s owing to well-executed economic initiatives. The number of residents has grown from 851,780 in 2000 to 1,060,680 in 2021, averaging 10,445 newcomers per annum. By 2035, the population is projected to have grown by 36% from 2000, reaching in excess of 1,154,970 residents. This rise in population has enhanced the economy significantly, while placing more strain on the already undersupplied housing market. Manchester Population (2000-2035)

Despite the considerable progress in construction activity, the housing supply has been unsuccessful in meeting demand. Since 2011, 37,460 units were added to the housing stock, which totalled 455,015 units as of 2020. As a result, there is a substantial undersupply of homes, with just 34% of the city’s housing needs fulfilled over the past 9 years. It is expected that 5,545 housing units will be completed per year between 2020 and 2031, below the average annual housing requirement of 6,515 units. By 2031, an undersupply of at least 82,505 housing units is anticipated, taking the previous backlog into account. Manchester Housing Supply & Demand 2011-2031

2034 2032

Deficits: 82,505 units

620,000

2030

600,000

2028

580,000

2026

560,000

2024

Units

2022 2020

540,000 520,000

2018

500,000

2016

480,000

2014

460,000

2012

440,000

2010

420,000

31 20 30 20 29 20 28 20 27 20 26 20 25 20 24 20 23 20 22 20 21 20 20 20 19 20 18 20 17 20 16 20 15 20 14 20 13 20 12 20 11 20

2008

Affordability Ratio is from ONS (Office for National Statistics) 2020

2006 2004

Housing Stock

2002

Housing Deficit

2000 800,000

850,000

900,000

950,000

1,000,000

1,050,000

Population Sources: ONS, Oxford Economics, Savills Research, The Valuation Office Agency, JLL Manchester Forecast

1,100,000

1,150,000

Housing Supply

Affordability Ratio

Sales and Rental Market

LONDON

12.7

Due to a consistently undersupplied housing market combined with substantial economic growth, house prices have increased by 82% over the past 10 years, compared to the national average of 53%. House prices are further forecast to grow 23.5% between 2020 and 2026, despite the implications of Brexit and COVID-19.

TRAFFORD

9.7

LEEDS

6.3

MANCHESTER

5.9

BIRMINGHAM

5.6

Manchester city’s rent has increased by 21% over the last 5 years, compared to the broader North West region at 11% and England at 7%. Between 2022 and 2026, rents in Manchester City are expected to increase by a further 15%, surpassing the national average of 10% over the same period.

House Price growth Forecast 2020-2026

RENTAL GROWTH FORECAST 2022-2026

+23.5%

+15%

Sources: Oxford Economics, JLL, ONS

Lifestyle Whether it’s Michelin star dining, world-class live entertainment, or premier league football; Manchester caters exceptionally well to a diverse array of residents. The city is renowned for its buzzing nightlife with over 650 pubs/bars in the city centre alone.

Art & Theatre

History

Manchester’s Palace Theatre is the self-proclaimed “premier provincial touring venue”. It can seat almost 2,000 people and hosts some of the best shows touring from London’s West End such as Disney's The Lion King, Dreamgirl and School of Rock. Also located in the city centre is Manchester Opera House, which despite its name, hosts an eclectic variety of theatre, music, ballet and comedy. The iconic Grade II Listed building can seat 1,920 patrons and originally opened its doors in 1912.

Manchester has an abundance of museums, including the acclaimed Imperial War Museum North. Steelwork from the collapsed NYC World Trade Center and an array of military vehicles are among its vast collections of 2000 objects on display. Another popular attraction is the Science and Industry Museum, which focuses on Manchester’s industrial past and innovation that has changed the world. In 2021, the museum unveiled a new GBP5 million multi-purpose exhibition gallery.

Retail & Shopping

Sports

Manchester acts as a regional hub for shoppers, with the prominent Arndale Shopping Centre at its core. Arndale hosts 260 stores covering 1.6 million sq ft of retail space. Stores include international brands such as Burberry, Paul Smith and Tommy Hilfiger. Manchester is also one of the few places in the UK to host an iconic Selfridges department store.

Manchester United, the world’s 4th most valuable football club, regularly hosts sell-out crowds of 85,000+ at their Old Trafford stadium in the southwest of the city. Manchester is so well-entwined with its footballing heritage that the city houses the national football museum. As well as premier league football, the city also hosts international cricket at Old Trafford Cricket Ground and premiership rugby games.

UK Macro Overview The United Kingdom is one of the world’s major economic powers with the sixth-largest global economy. It remains a great political and cultural influence with its capital city, London, operating as one of the world’s most important financial hubs.

United Kingdom Area: 93,628 sq miles Population: apx. 66.8 million Language: English Currency: Pound Sterling Capital: London

GLASGOW EDINBURGH

MANCHESTER LEEDS

LIVERPOOL

SHEFFIELD

BIRMINGHAM

LONDON

UK Economic Structure

UK Economy

The UK’s economy is incredibly well-diversified, with over 50% of the total workforce employed across 5 highly innovative and productive sectors. The Human Health sector is expected to grow by 17% and become the UK’s largest employment sector with 5.3 million jobs as of 2035.

Now experiencing a strong rebound back to pre-pandemic levels, the UK's economy is predicted to expand by a rate of 84% up to 2035. This is the fastest growth rate expected for any major European economy. As a result, the UK will remain the second-largest economy in Europe, totalling EUR4.37 trillion as of 2035. This is primarily due to favourable demographics, as the UK’s strong population growth is expected to sustain a working-age population of just over 42 million people over the next 15 years and beyond.

In terms of productivity, the Professional, Scientific & Technical Activities sector experienced the most significant growth with a 127% increase in GVA since 2000. As of 2021, this figure was GBP151 billion while employing 3.2 million people. By 2035, this sector is expected to produce a GVA of GBP221 billion while employing 3.7 million people. UK Employment Sectors 2021

14%

GDP Growth 2000-2035

Accommodation & food services

Administrative & support activities

60%

GDP (EUE Trillions)

Education

Electricity, gas & water supply

84%

Financial & insurance activities

66%

Human health & social work

58%

Information & communication

3 32%

54%

64%

73%

Germany

United Kingdom

France

Italy

77%

2000

Spain

2020

Netherlands

85%

Ireland

+82%

+79%

+173%

+153%

+79%

Wholesale & retail trade

The UK’s Coronavirus Job Retention Scheme (Furlough), which successfully protected millions of jobs, ended in September 2021. During the lifetime of the scheme, approximately 11.6 million jobs were supported. European Unemployment Rate Trend 2010-2030 30%

15%

+116%

+77%

+76%

+109% +135%

10 Birmingham

Transportation & storage

20% +69%

Real estate activities

13%

25%

+105%

Public administration & defence

The UK has maintained one of the lowest and most consistent unemployment rates of all major European economies over the last decade.

2035

Professional, scientific & technical activities

Portugal

Top 10 Largest UK Cities by GDP (excluding London) 2000-2035

58% 53%

The 10 largest cities in the UK after London have experienced transformative levels of economic development with an average GDP growth rate of 128% between 2000 and 2021. Over the next 14 years, these cities are expected to further expand by an average of 75%.

+73%

4% 239%

Other services (inclu. agriculture, forestry, fishing, mining & quarrying)

67%

33%

Manufacturing

49%

GDP (GBP Billions)

Construction

Leeds

Manchester Edinburgh

Glasgow

Bristol

Liverpool

+72%

+118%

+106%

Belfast

+74% +147%

Sheffield Nottingham

5% 0% 30 20

29 20

Spain

28 20

Portugal

27 20

26 20

Netherlands

25 20

24 20

23 20

Italy

22 20

Ireland

21 20

20 20

Germany

19 20

18 20

France

17 20

Sources: Oxford Economics

16 20

European Union plus UK

15 20

14 20

13 20

12 20

2035

10%

11 20

2021

+123%

+74%

10 20

2000

Arts, entertainment & recreation

United Kingdom

UK Income Growth The UK’s economy expanded by 32% in the last 20 years and household income levels have risen in a similar fashion. The number of households in the UK’s lower-income band is expected to continue to shrink to 5.7 million by 2035, a fall of 42% since 2000. Between 2000 and 2021, the UK’s middle-income band increased by 37% to over 16.5 million households, and is forecast to further increase to 17.7 million (+37%) by 2035. The UK’s top-income band is expected to reach 6.7 million households by 2035, an extraordinary increase of 167% since 2000. As a result, the number of high-net-worth and ultra-high-net-worth individuals in the UK is expected to increase by 76% and 39% respectively within the next five years, far exceeding the growth rates in other major global economies.

20 18 16 14 12 10 8 6 4 2 0

16.5 (+37%)

9.8

12 7.2 (-27%)

4.5 (+80%)

17.70 (+37%) Cumulative: +48%

With more than 6.2 million newcomers migrating to the UK between 2000 and 2019, the construction sector has struggled to keep up with the increased demand for housing. Only 716,610 housing units were completed between 2015 and 2019, far below the government’s target of 1.1 million. The housing deficit over this five-year period alone is an estimated 383,400 units. Combined with a well-diversified and resilient economic environment, house prices in the UK have risen by 183% over the last 20 years. With continued demand from domestic and international buyers, UK house prices rose by an average of 8.7% in 2021 despite the global pandemic. UK Housing Market Forecast 2021-2035

6.70 (+80%) Cumulative: +167%

5.70 (-27%) Cumulative: -42%

Market Value of Housing Stock: GBP9.7 trillion UK House Price Index: +45% Consumer Spending on Housing Rent: +67%

2.5 2000 Household numbers by income band - $0-35000

2021 Household numbers by income band - $35000-100,000

2035 Household numbers by income band - $100,000+

80%

70%

8 GBP (Trillions)

Number of Households (millions)

Number of British Household per Income Band

UK Housing Market

60%

7 6

50%

40%

30%

20%

10%

1 0

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Market value of housing stock (Left Axis)

Consumer spending on Housing Rent (Right Axis)

House Price Index (Right Axis)

The UK’s housing stock market value is expected to reach GBP9.7 trillion by 2035 with average house prices increasing by 58% from 2021 to 2035. Consumer expenditure on household rent is forecast to continue its steady incline, with a further rise of 71% over the same period.

Sources: ONS, Oxford Economics