Manchester City Council has published The State of the City Report and its figures confirm that Manchester not only has one of the UK’s fastest growing economies, but is also outperforming many other leading European cities.
Strong economic growth is underpinning the demand for property across the city with price growth and rental yields among the highest in the UK and attracting keen international investment. For example, a report from Juwai.com, China’s leading property portal, stated that property enquiries about Manchester had increased by 200% in August 2018 compared with August 2017.
The expanding young generation has helped to boost the population to 572,000 compared to 539,600 three years ago and fuelled the demand for rental property.
Significantly, the rise in the City’s millennial demographic has seen number of businesses who have chosen the city to base their operations increasing by 18 per cent since 2015-2016 and is now running at three times the national average of 6 per cent.
The digital, media, cultural and creative sectors are thriving offering excellent employment opportunities and attracting many graduates. Currently around 40% of Manchester’s population is made up of graduates.
Such is the popularity of this northern metropolis that 36% of graduates decide to return home after completing their degrees elsewhere; 69% of graduates from Manchester universities choose to stay on in the city taking advantage of the career prospects.
Leader of Manchester City Council, Sir Richard Leese said: “Manchester remains one of the UK’s top cities to live in and we can see this in action as more people choose the city as their home, and we continue to see more and more graduates choosing the region following their studies.”