Why Manchester?
In this new era of austerity where corporations are looking for increasing ways to trim the balance sheet, Manchester stands out as a viable and much cheaper alternative to London.
On average, office rents cost just one third of the capital and according to KPMG, Manchester is rungs above London for business cost competitiveness. It’s not just about the cold, hard figures on a spreadsheet. Manchester is an easy sell to employees who are able to realise more for their money and enjoy a better work-life balance with shorter and easier commutes - thanks to years of major investment (£1.5bn) in public transport infrastructure. Companies are asking themselves, if the BBC can do it, why can’t we?
Indeed, the relocation of the BBC to the east of the city in Salford has had a colossal impact on Manchester’s house prices. “The BBC have turned Didsbury and Chorlton into little London,” opined one national broadsheet on Manchester’s most popular residential areas. According to Land Registry Data house prices specifically in Salford trumped the rise in the national average by over three times last year.
The city’s population has grown by nearly 20% in the last decade, with 80,000 more estimated to call it home by 2027. Such an influx of professionals will only continue to gentrify the city’s real estate. Demand for properties therefore, is certainly strong.
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