Manchester is experiencing a period of exponential growth, with its popularity amongst tech and digital businesses being a large contributing factor. Property investment is booming in Manchester as more businesses are relocating to the city – coining the name of the next Silicon Valley.
It has quickly become the most dominant city outside of London for these industries, with no sign of decelerating. Lower operation costs and reduced cost of overall living, are driving businesses away from the capital towards the northern city.
Manchester’s popularity has helped to coin the phrase ‘north-shoring’, describing the process of smaller tech and digital businesses making the move from London to Manchester (a key player in the northern powerhouse). Presenting an opportunity for growth, the result of the northern powerhouse initiative has supported major expansion across the region. Evidently, Manchester has a wealth of opportunities besides from offering businesses a lower cost of operating and living.
“Things are changing fast in Manchester, giving the city the very real potential of becoming the next Silicon Valley,” remarks Jean Liggett, the CEO of Properties of the World.
Silicon Valley is a name used to describe a specific region situated in San Francisco, California. Due to the area being densely populated by companies who produced and evolved computer chips, the name derided from the material of the chips, silicon. Progressively, powerful global corporations such as Google and Apple have chosen to occupy the area. Dominated by tech giants, Silicon Valley is now the greatest area in the US for tech manufacturing.
UK’s equivalent to Silicon Valley is growing and developing its status steadily. Manchester is driving tech and digital businesses into the city, with a rising popularity and recognition amongst these businesses, there are now over 52,000 industry professionals within the constraints of Manchester who are accumulating a £2.9 billion digital turnover.
Property investment is increasing with the growing trend of tech businesses moving into the city. As a result, the number of office space enquiries from this sector has experienced a major surge. Findings from Colliers International concluded that 40% of office space enquiries have been coming from businesses within the tech space. Andy Burnham, the city’s mayor, guaranteed his commitment to create a world-leading tech hub, instigating a number of tech start-ups establishing themselves in various office spaces throughout the city.
The development of both office space and residential property has increased in order to cater for this demand. New pockets throughout Manchester are cropping up, including Middlewood Locks and a vast expansion of MediaCityUK, providing a plethora of homes for all professionals aiming to reap the benefits of this flourishing city. The regeneration in each of these areas intend to increase the number of residential properties and office space available throughout Manchester.
RWinvest, a property company based in Liverpool, offers a wide selection of residential property opportunities across the Manchester region to help benefit urban professionals keen to take advantage of the burgeoning property market.
Manchester’s thriving property market is expected to rise continuously and it shows no signs of slowing down, due to developers and investors recognising the demand for these high-quality spaces. Forging ahead, the future looks prosperous, as it is likely investors will be seeking a large return on their property investment in Manchester.
The tech industry is driven by young professionals who flood into the city, looking for high quality rental options, which means buy-to-let property should be on every investors radar to take advantage of lucrative opportunities in and around the city.
Transport for Greater Manchester recognised the growth in the local economy and initiated plans to help the city’s connectivity flourish. Manchester’s growing popularity means that the transport networks need to be improved, whilst reducing congestion for people moving in and out of the city. The development of transport system comes further investment, ultimately, increasing property prices too.
HS2, the high-speed rail network is a momentous project aiming to reduce the commute time of business professionals travelling between major UK cities, including journeys from London to Manchester. Connecting the southern cities to robust cities in the northern powerhouse is expected to commence around 2025 and is due to complete by 2033. Investors looking an investment opportunities now will experience a period of capital growth on their property as vast regeneration is occurring across the city, stimulating the property prices.
Reducing commuting time will enable Manchester businesses to establish firmer connections with new and existing businesses across the country, confidently and conveniently.
There is an astounding buzz of excitement in regard to the future of tech and digital space that are increasingly calling Manchester home. Silicon Valley is a scale Manchester can only aspire to, however, due to the incessant demands, major regeneration and rapid growth occurring in the city, Manchester shows great promise for a prosperous future.