The BBC’s expansion within MediaCityUK and across the Northern Powerhouse will bring more people and jobs to Greater Manchester. This is expected to further boost demand in the city region’s property market.
Last week, the BBC revealed it will move more staff and key departments to locations outside of London over the next six years. Its creative and journalistic centre will shift away from the capital. This will boost jobs in the north-west, north-east and Yorkshire.
The broadcaster’s plans were outlined in the “The BBC across the UK”. The whole of the Radio 3 and 6 Music departments will move to MediaCityUK, which is a 200-acre mixed-use development at the Salford Quays.
Additionally, Salford will be the main base for the BBC’s technology and digital teams. This will further boost employment opportunities across the Northern Powerhouse, especially in Greater Manchester.
A digital hub
In 2006, the BBC decided to set up its headquarters in Greater Manchester. In 2011 and 2012, the broadcaster relocated thousands of jobs there. Currently, the BBC leases approximately 330,000 sq ft of space at MediaCityUK. And many large companies followed suit in the next few years. MediaCityUK in particular has become a digital hub.
Henri Murison, director of the Northern Powerhouse Partnership, comments: “Moving the BBC up to MediaCityUK in Salford has played a key part in the growth and success of the media and digital sectors here in the last decade.”
Half of the BBC is now based outside of the London. However, this will increase in the coming years as the broadcaster wants to “better reflect, represent, and serve all parts of the country”. The BBC plans to spend at least an additional £700m cumulatively across the UK by 2027/2028.
Job market in Greater Manchester
For 2020/2021, Manchester was named the best city for business in Europe. Additionally, Manchester saw the highest volume of office investment outside of London last year. The city in the north-west is one of the UK’s most active business and commercial sectors.
With cheaper commercial rents, a growing number of businesses have relocated to Greater Manchester in recent years. The talent pool in the city is also impressive as there is a high concentration of young professionals and graduates.
Due to the COVID-19 pandemic, many jobs have been lost and many are still jeopardy. However, more than 7,000 new jobs were announced for Manchester across seven months. With the addition of new jobs and staff moving to Greater Manchester for the BBC, this will further boost future job prospects, the local economy and property market.
A further boost for the property market
Manchester’s property market has continued to perform strongly as more jobs and further investment comes to the city. The heart of the Northern Powerhouse is even leading UK house price growth with a 6.6% annual increase, according to the latest House Price Index from Zoopla.
It’s not just companies moving out of London. In 2020, there was also a London exodus as property investors and homebuyers looked for better value elsewhere, especially in the north of England. And Manchester was a particularly popular choices for both investors and buyers.
With an expanding job market, more people will likely move to Greater Manchester in the coming years. Demand is rapidly increasing for housing in the city. With this strong demand, Manchester is even presently tipped as the best city for buy-to-let investment in the UK.
House prices and rental yields continue to be favourable in the city. And as additional investment and development comes to the city, Manchester will remain an attractive city to live, work and invest in.