As Manchester’s population continues to grow, further housing, economic, and infrastructure growth is expected to keep up.
Manchester’s economic growth is on par with top-performing cities across Europe. With a growing population, mainly of students and young professionals, a diversified economy, and extensive construction growth and infrastructure development, it’s easy to see why Manchester is not only the UK’s fastest growing city but one of the fastest in Europe as well.
Growing population and house prices
Since 2015, the city’s population has grown by nearly 6%, according to Manchester City Council’s 2018 State of the City Report. An impressive 65% of graduates of universities in Manchester stay in the city after graduating.
Additionally, 36% of people from Manchester who studied elsewhere returned home after graduating. With a growing population of students, the need for more student accommodation is forecasted to grow further and buy-to-let investment is likely to continue to be lucrative, especially as Manchester’s house price growth is expected to rise by 57% by the end of 2028.
Cities in the south have previously dominated house price growth, however, recently, the north, especially Manchester, has seen resilience and growth even through political and economic uncertainty. A big part of that is because overseas investment is at the highest level in over a decade in the north-west of England, while Manchester’s property market is seeing a surge of interest from investors in Asia and the Far East.
Economic diversity and construction growth
Many are flocking to Manchester because of the wide range of employment opportunities as the city’s economy is very diversified. This is another reason why there is a high number of young professionals in the city. Over a fifth of Manchester’s population is employed in the financial, professional, and scientific sector.
This city in the north-west is still home to numerous manufacturing plants but is also becoming the UK’s tech capital outside of London. The tech sector is fuelling demand for office space in Manchester at a time when residential and office construction is at record levels.
Continued development in housing, transportation, and infrastructure
With a growing population, it’s clear there is a need for further housing, transportation, and infrastructure. Recently-announced plans by the Greater Manchester Combined Authority include expanding the Metrolink on several fronts. In the plans, new tramlines and a tram-train system where current trams are adapted to run on the same rail lines as trains are being proposed.
On top of that, more than 200,000 new homes are expected to be built by 2037 in Manchester, adding to the increasing demand for housing stock. By 2025, the city’s population is expected to rise to 644,100, so there will be further room for growth in the coming years.
