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Manchester:

An introduction to the
Capital of the North
SEPTEMBER 2022
INVEST IN MANCHESTER INVEST IN MANCHESTER

WELCOME TO

Manchester
FAST FACTS: “Manchester’s size makes the social
Manchester processes more visible. You can see
how things are developing. Where
REGION: North West England
they might end is another matter.
POPULATION: 2.8 million1 Perhaps it’ll be the first place to
Once an integral part of Britain’s Industrial
DISTANCE FROM LONDON:
show us whether our new cities
Revolution, today Manchester remains one of
Europe’s most important and fastest-growing 200 miles/322 kilometres (2-hour direct train work. Manchester, as the ‘Mancs’
cities. link; 1 hour 11 minutes with HS2) love to tell you, is ahead of the
Known as the ‘Capital of the North’, the ‘Northern Powerhouse’ INTERNATIONAL AIRPORT:
game.”3
and more recently, ‘Manc-hattan’, Manchester’s skyline is
Manchester is the UK’s third-busiest airport,
evolving as rapidly as its economy and population.
carrying close to 30 million passengers per
Jim McClellan,
year, with 54 airlines flying direct to over 200 PRINCIPAL LECTURER IN JOURNALISM AT THE
destinations worldwide2 UNIVERSITY OF WESTMINSTER

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Manchester. Proud Past.


A high growth, high demand investment city.
Exciting Future.
It takes just one look at Manchester’s skyline to see
that this is a city evolving.

With mass regeneration, global investment With a population rising at twice the rate of
and high-profile projects taking place, this the national average, the time to invest in
is just the start of Manchester’s growth. Manchester is now.

It’s also a city with one of the most in- Everything is in place for the city to remain
demand – and undersupplied – property one of the strongest places to buy property
markets in the UK. in Europe.

“The Manchester worker bee is one of the


best-known symbols of Manchester and
has been an emblem for the city for over
150 years. The bee denotes Mancunians’
hard work ethic and the city being a hive
of activity. It has also come to represent
the sense of unity in our great city.”

MANCHESTER CITY COUNCIL

Voted the UK’s most liveable city for 11


consecutive years (2011-2022)4

Voted the 3rd Best City in the World by


Time Out 20215
With one of the most competitive residential offerings in the
UK, Manchester is attracting a talent pool of high-earning The top rated city to replace London as the
young professionals – the prime demographic of the Build- capital, winning the votes of 55% of those
to-Rent sector. who supported a new capital.6

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A City Rich in Culture


Premier League football teams. Legendary
musicians. People who changed the world.
Pioneers in science and technology.
Manchester’s culture is as rich and diverse as the millions of
people that call this city home. And this continues to draw
new residents and visitors to Manchester each year.
Artists That Defined
a Generation
Music is way of life in Manchester.
In the 1980s and 90s, the city produced some
of the world’s most famous musicians. Bands
such as The Stone Roses and Oasis sold millions
of albums worldwide, performing to packed
stadiums across the globe.8

With a lively music scene that maintains today,


it still remains one of Manchester’s biggest
attractions to residents and visitors alike.

World-Famous Football Teams A City With Its Very Own


Cultural Powerhouse
Manchester United and Manchester City
are two of the world’s biggest football The Northern Quarter is Manchester’s very
teams. own creative district.
Research suggests that Manchester United have 1.1 Self-named ‘NQ’, the Northern Quarter is a world-renowned
billion followers worldwide7. The club is one of the creative centre, buzzing with character rooted in its
biggest sports brands in major markets such as China, industrial past.
thanks to strong marketing during the club’s huge
success in the 1990s and 2000s. The ‘Street-Art Capital’ of the city, the Northern Quarter
is Manchester’s answer to Shoreditch, Brooklyn, or West
In recent years, United’s dominance has been Hollywood. Described for years as ‘up-and-coming’, the
challenged by cross-town rivals Manchester City. Since Northern Quarter is officially the here and now.
2008, City have been owned by HRH Sheikh Mansour
Bin Zayed Al Nahyan, the Deputy Prime Minister of
the United Arab Emirates. In 2021, City won England’s
Premier League for the sixth time in nine years.

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James Prescott Joule


Physicist that discovered the relationship
between heat and energy, eventually
creating the first law of thermodynamics.
The ‘joule’ unit of measurement is named
in his honour.

Alan Turing

People That
Mathematician that was a key figure in the
development of computer science, helping
to create one of the world’s very first

Changed the
computers.

World
Manchester is also the birthplace of influential
figures in the history of science, technology and
politics:
Today, the presence of these historical figures can be felt across
Emmeline Pankhurst
the city with poignant memorials and tributes.
Named by Time magazine as one of the
100 Most Important People of the 20th
Century9, Pankhurst was a pioneer of
Britain’s suffragette movement.

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Major Tourist Attractions


Manchester is the third most visited city in the UK,
having a huge impact on the city’s hospitality, leisure
and entertainment sector.

More direct flights from


Manchester International
Airport are also increasing
visitor numbers from the “Manchester is culturally rich, poised to
Middle East, Hong Kong
and Beijing10
capture the benefits of the global growth in
tourism, with a leisure and business visitor
economy which grew from GBP 4.6 billion in
2005 to GBP 7.5 billion in 2014. Manchester
is England’s most visited destination by
overseas visitors after London11.”
119 million visitors come to Greater Manchester
BRITISH FOREIGN POLICY GROUP

each year, supporting 94,000 full-time jobs


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A City That
Connects the World Manchester

Manchester offers residents and travellers direct routes


to other major cities in the UK and around the world.
A prime beneficiary of government railway High-Speed 2 (HS2), Dublin — 1 hour Amsterdam — 1 hours
Manchester’s connectivity will improve even more. Frankfurt — 1.5 hours
Paris — 1.5 hours
Zurich — 2 hours
Rome — 3 hours Beijing
New York Madrid — 2.5 hours 10 hours
8 hours
Shanghai
13 hours
Dubai
Hong Kong
Jeddah 7 hours Mumbai 11.5 hours
6 hours 9.5 hours

Singapore
13 hours

Cape Town
14 hours

41 minutes (currently
1 hour 25 minutes)

52 minutes (currently 1 hour and 21 minutes)

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High-Speed 2 (HS2)
The UK government’s GBP 106 billion high-speed
railway will form the backbone of the UK’s transport
system and is the most important economic
regeneration project in decades.
A prime beneficiary, Manchester will become a major hub on the HS2
line with two stations - one at Manchester Piccadilly train station and
one at Manchester International Airport.

Reducing journey times to the capital and increasing output of


regional economies, HS2 is a key part of the government’s ‘Levelling
Up Agenda’.

The result?
z Journey times from Manchester to London will be cut to just 1
hour 11 minutes by 2032

z Forecasts suggest up to a GBP 834 million increase in


Manchester’s economic output as a direct result of HS2

z Improving access to Manchester Airport and unlocking land


around the airport for development can enhance its role as an
international gateway13.

z Residential property prices expected to also see a substantial


uplift as a direct impact of HS2

z HS2 will make Manchester a commuter hotspot for millions of


Londoners in search of more affordable rent

Major
Investment
Projects
A number of high-profile projects are
currently underway in Manchester.
Funded by national government and global
institutional investors, these projects are “[HS2] will act as a catalyst for growth
transforming Manchester.
and help level-up the country, boosting
Improving connectivity. Attracting global investment.
growth in the Midlands and North. Better
Creating more jobs. And making Manchester an even more
attractive place to live. connectivity opens-up new employment and
leisure opportunity for millions of people.”
- HS2.ORG14

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Manchester International
Airport Expansion
A major transport hub connecting
the North of England to the world is
undergoing a major expansion.

A GBP 1 billion new ‘super terminal’ will be completed


by 2024.

It means:
z 40,000 new airport jobs will be created in 30 years

z An additional 10 million passengers will be able to


travel through Manchester each year

z Security queues will be reduced to just five minutes,


vastly improving the airport’s overall traveller
experience

Beelines Cycling and Walking


Routes
Like many city centres around the world, people
living in Manchester are reducing their reliance
on their cars.

To encourage more cyclists and pedestrians in the city centre,


Mayor of Manchester Andy Burnham announced the launch
of Beelines, a GBP 1.5 billion upgrade of the city’s cycling and
pedestrian routes:

z 1,000 miles of safe cycling and walking routes in Manchester

z The largest joined up network in the UK

z 75 miles of segregated cycle lanes

z Almost 90% of the city centre covered by the plans

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Economic Growth
Leading the UK and 14%
Manchester’s economy is
Europe forecast to grow by over 14%
between 2022 – 2026

Manchester ranked higher (28th) in the


Global Liveability Survey than London
(33rd), Barcelona (35th), and even
global tourist hot spot New York (51st).
Manchester ranked the most liveable city in the UK
for over a decade.

The index considers factors like culture,


environment, and infrastructure.

Global Liveability Index 2022

Economic growth in Manchester is the


second highest of 30 major European
cities (2021).15
Across Europe, Manchester is renowned for its
expertise in the fields of research, engineering,
manufacturing and digital technology.

Some cities in the UK are projected to see a


slowdown in economic growth in the coming years.
Not Manchester.

A thriving city that shows few


signs of slowing down.

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A Fast-
Expanding
Economy
Manchester’s economy grows at a faster
rate than the UK as a whole

– Oxford Economics predict Manchester to have


the highest economic growth of all UK cities
over the next five years, with a growth rate of
16.4%

– And is larger than the economies of both Wales


and Northern Ireland16

50% A Global
graduate retention rate from
Manchester’s universities, adding
new workers to the city’s workforce Business
Hub
each year17 Over 2,000 foreign-owned companies
19
have a base in Greater Manchester

The UK Government recently established


a Government Communications
Headquarters in the city centre,
‘contributing to an already thriving

Rolls-Royce SMR recently announced


technology scene,’18
58%
a new headquarters in Manchester In March 2020, according to the ONS, rise in the number of
city centre, with 850 people to be there were almost 23,000 enterprises businesses operating in
recruited by the end of 2022. in Manchester.
20
Manchester (2014-2018)

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An Increasingly The city’s population has increased by


twice the national average over the last

Young City Centre decade - and is forecast to grow by a


further 10% by 2025.

Population
— Manchester City Council, 2022

Around 45% of Manchester’s population


is aged under 35, and it has the highest
student retention rate after London

With HS2, Manchester will become


a commuter hotspot for millions of
Londoners emigrating the capital for
more amenities and lower rent

Between 2004-2021, the number of


people living in Deansgate and Piccadilly
has risen by 185%21

Manchester is home to 80 of the Top 100 FTSE


Companies, as well as other global brands:

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A Centre of Education
Manchester is home to one of the largest student populations in Europe, with
the second highest graduate retention rate after London.

This is playing an integral role in the performance of the graduates every year22.
city’s economy and property market.
Crucially, the demand to study in Manchester is
Over 100,000 students attend universities across increasingly international. One in four students in the
Manchester, producing around 36,000 high quality city are now from overseas.

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Four of Manchester’s Higher Education Institutions The Impact

1. University of Manchester 2. Manchester Metropolitan University z 60% graduate retention rate in Manchester - the
highest in the UK outside London.26
Among the UK’s top 10 universities23, with Modern university with one of the UK’s largest business
11,000 non-EU students24 schools z In addition, 36% of students originally from
Manchester return to live and work in the city each
year
3. University of Salford 4. Royal Northern College of Music With more of these students remaining in (and returning The University of Manchester has also
Public research university with close research to) the city to work, Manchester’s property market is in
A world-leading music school, with history dating
constant demand from this expanding demographic of
seen a 55% rise in Chinese students
links with MediaCityUK back to the late 19th century
tenants. since 2013. 25

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IN FOCUS:

Manchester’s Private A High-Demand


Rented Sector Investment.
Asking rents and achieved rents in Manchester between
It’s one of the UK’s fastest growing property sectors. 2019 - 2022 (PCM) Asking Rent Achieved Rent

And with ‘no end in sight’ for its supply and demand imbalance, the growth is just
beginning. A population rising at twice the rate of the national average; a thriving job
market; and one of the most competitive residential offerings in the UK, Manchester is
a city attracting tenants from all over the world.27.

Key Rental Market Stats 28 “Rightmove’s table of rental price hotspots


was topped by Manchester, where the
z The number of homes available to rent in average asking rent is up 23.4% in a year
Manchester was down 56% in July 2022 – from GBP 913 in the second quarter of
compared to a year earlier
2021 to GBP 1,127 in the same period of
z Rent prices are at a record high due to the 2022.”29
city’s supply and demand imbalance THE GUARDIAN, JULY 2022
z Manchester is topping the rental growth
charts in the UK, with a 23.4% increase on “On the last day of August [2022] there
2021 were fewer properties available to rent in
z Two-bedroom apartment rents have risen Manchester than ever before.
by 29% in just 12 months Available properties are receiving multiple
offers and letting within a few hours.”
ED HOWE,
URBANBUBBLE (SEPTEMBER 2022)

AFFINITY LIVING RIVERVIEW, MANCHESTER


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Demand Driven “Manchester is becoming

by the City’s
increasingly in demand as
a city, as young people are
priced out of the capital

Young Tenants
and businesses look to
north-shore parts or all of
their offices.”30

LOUISE EMMOTT,
HEAD OF NORTH WEST
RESIDENTIAL AT JLL.

The city centre population has grown


from 400 in the late 1980s to more than
60,000 in 2021.
Manchester is a place
Largely due to the city’s graduate retention
rate, over 20% of residents living in Manchester
where people want to
are under 30-years-old – a key demographic of live and work – the most
the purpose-built rental market. important factors when
60% of people under the age of 24 living in Greater Manchester considering where to
live in Private Rented Sector property, with almost the full
remaining 40% under the age of 35. invest.

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JLL UK Residential Rightmove Rental Price


Forecasts 2022-2026 Hotspots, July 2022
House price change (%pa) Manchester UK Average

6%
6%
Region Rental growth in a year

5%

5%
4.5%

4.5%
4.5%

4.5%
5%
1. Manchester +23.4%

4%

4%
3 .5%
4%
2. Chatham, Kent +21.4%

3%
3%
3. Liverpool +19.4%
2%
UK Average (outside London) +11.8%
1%
London +15.8%
0%
2021 2022 2023 2024 2025 2026

Source - UK Residential Forecasts 2022 - 2026, JLL Source - Rightmove, 2022.

THE

‘Best of Both “As a developer rooted in the North West, we

Worlds’
have seen Manchester’s property market and
global reputation go from strength to strength in
recent years.

Post pandemic, JLL reported on a boost With eight residential developments in our
in demand for both rural living and Manchester portfolio, we are one step ahead in
urban areas.
understanding what the city’s renters are looking
The result? ADAM PRICE
for – prime location, premium amenities and a
Chief Executive Officer,
People are looking for the best of both worlds - ‘cities
luxury living experience.” Select Property Group
with a village feel.’31

“Having elements of a rural life in urban villages with a combination of green Given the city’s current performance and exciting future growth projections, there is no
spaces, outdoor markets, shops, cafes and restaurants has been proven to enhance doubt that Manchester property is one of the most rewarding assets in any investment
portfolio. Our proven model in times of wider uncertainty demonstrates the resilience of the
community cohesion and improve the wellbeing of those living there.” UK property market, which is why investors globally choose Select Property time and time
again.

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INVEST IN MANCHESTER INVEST IN MANCHESTER

Residential
Affinity Living
Embankment
West CitySuites II
CitySuites I

Investment
Affinity Living
Riverside
Printworks
Victoria Bridge Bus Stop Centre for Chinese
Corn Exchange

Hotspots
University of Salford Contemporary Art

Exchange Square

Salford Central Arndale Shopping Centre


Train Station l
el Royal Exchange
Irw Northern Quarter
ve
r Theatre
Ri
Manchester’s residential districts bridge
People’s History Abbey College the gap between city and village life,
Affinity Living Museum
offering a tight-knit community feel within

Manche ster
Riverview
a wider metropolis.

Spinningfields Various Masterplan and regeneration areas have been


Deansgate developed to attract young people and families to live
Manchester
l

and work in the city centre.


el
I rw

Opera House Chinatown


v Manchester Art Gallery
er

Ri Once the lifeblood of Manchester’s industrial


development, the city’s canals remain a proud symbol of
Museum of Science Great Northern Manchester Piccadilly its working-class history and offer a sense of connectivity
and Industry Train Station between areas

Hilton Hotel Beetham


Tower
Deansgate Train Station

Castlefield
Manchester Oxford Road
Train Station
Mace Convenience Castlegate Bus Stop
Store
Deansgate General Store
Select Property have sold over
GBP 800 million worth of property
Mancunian Way Highway
in Manchester alone.
Manchester
Metropolitan University
St. Wilfrid’s RC Primary

St Philip’s C of E Primary
Royal Northern College
of Music

SelectProperty
University of Manchester

32 33
Trinity C of E High
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The Northern Quarter Spinningfields


Described for years as ‘up-and-coming’, the Manchester’s biggest commercial
Northern Quarter is officially the here and district, Spinningfields, houses
now. some of the biggest corporations
in the North West and is a thriving
Self-named ‘NQ’, the area is a world-renowned creative
hub for work and play.
centre, buzzing with character rooted in its industrial
past. As well as attracting a growing talent pool of
young professionals – the prime demographic
Edwardian mills and Victorian warehouses were ideally
of the Build to Rent sector – Spinningfields is
placed to be converted into independent eateries, bars,
also an award-winning tourist destination.
coffee shops and music venues. Efforts to retain the look
and feel of the Northern Quarter’s cultural heritage have Home to some of Manchester’s most popular
been largely successful in the area, making it a trendy bars, restaurants and shops, Spinningfields
hotspot for young professionals to live and work. and the surrounding canal-side areas are a
popular residential choice in the heart of the
action.
The ‘Street-Art Capital’ of the city,
the Northern Quarter is Manchester’s
answer to Shoreditch, Brooklyn, or Great Jackson Street
West Hollywood.
Known as Manchester’s skyscraper district in
the popular Deansgate area, the Great Jackson
Street Framework is largely responsible for
transforming the city’s skyline.
Great Jackson Street Masterplan is a wide-scale project to develop
25 mesmerising skyscrapers at the gateway of the city centre.
One of the city’s newest neighbourhoods, Great Jackson Street is
already one of the most popular addresses in the city centre.
Ancoats
Once a gritty textile district, Ancoats
is now a happening neighbourhood of
converted mills, independent cafés, and Embankment West
eclectic eateries.
Another Masterplan area,
Seamlessly bordering the Northern Quarter, its Embankment West is a new, thriving
canal-side location and acclaimed food and brewery neighbourhood just a five-minute
scene make Ancoats a popular hangout for young walk from Selfridges, Harvey Nichols
professionals working in the city centre. and the Arndale shopping centre.
Embracing its historical features, ‘the world’s first The regeneration of the neighbouring area – the
industrial suburb’ is now a cosmopolitan hipster Corn Exchange – was the key regeneration area of “When thinking of the UK’s
hotspot with pop-up markets and some of the city’s the Commonwealth Games hosted in Manchester strongest property markets,
most renowned dining experiences, including in 2002. Manchester continues to be
Manchester’s first Michelin star restaurant, Mana.
in a league of its own.”

Voted one of the world’s coolest ELAINE ROSSALL,


neighbourhoods by Time Out UK HEAD OF OFFICES RESEARCH AT
JLL
Magazine (2021).32

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“Despite increasing pressures on

Manchester’s Future
the cost of living, in the prime rental
market we have seen a continuation
Growth Projections of strong rental growth, given an
ongoing imbalance between limited
supply and strong demand across a
wide range of tenant groups.”

185,000+ Predicted Manchester population


growth by 2037 LUCIAN COOK,
HEAD OF RESIDENTIAL RESEARCH, SAVILLS
JULY 2022

15.4%+ Predicted rental growth in Manchester


by 2026

25.8%+ Predicted house price growth in


Manchester by 2026

Strength of the UK
Property Market

13% House prices in June 2022 were 13%


higher than the same month a year
earlier

345,000+ new homes are needed per year in


England alone just to meet increasing
demand

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INVEST IN MANCHESTER

References
1 http://worldpopulationreview.com/world-cities/manchester-population/
2 https://www.caa.co.uk/Data-and-analysis/UK-aviation-market/Airports/Datasets/UK-Airport-data/Airport-data-2019/
3 https://confidentials.com/manchester/30-great-quotes-about-manchester-from-emmeline-pankhurst-to-noel-gallagher
4 Global Liveability Index, 2022
5 Time Out Magazine 2021
6 Manchester Evening News, 2022
7 https://www.mirror.co.uk/sport/football/man-utd-claim-billion-fans-18955448
8 http://www.timeoutbeijing.com/features/Blogs-Music_Blogs/158656/Oasis-star-to-play-Beijing-in-August.html
9 http://content.time.com/time/magazine/article/0,9171,991250,00.html
10 https://www.manchestereveningnews.co.uk/news/greater-manchester-news/more-more-tourists-discovering-how-14948125
11 https://www.investinmanchester.com/dbimgs/BFPG%20Manchester%20Soft%20Power%20Entrepreneur%20Report.pdf
12 https://marketingmanchester.com/state-sector-tourism-valuable-sector-greater-manchester-economy-says-marketing-
manchester-boss/#:~:text=Greater%20Manchester›s%20tourism%20sector%20is%20worth%20%C2%A37.9%20billion%20
and,and%20108%20million%20day%20visitors.
13 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1051209/hs2-phase-2b-
western-leg-crewe-to-manchester-an-update-on-the-strategic-outline-business-case.pdf
14 https://www.hs2.org.uk/why/connectivity/
15 https://www.avisonyoung.co.uk/
16 http://www.manchester.gov.uk/download/downloads/id/27153/state_of_the_city_report_2019_whole_document.pdf
17 https://residential.jll.co.uk/insights/research/residential-forecasts-northern-england
18 https://www.gchq.gov.uk/section/locations/manchester
19 https://www.investinmanchester.com/sectors
20 https://www.manchester.gov.uk/info/200088/statistics_and_intelligence/2162/economy#:~:text=Key%20
statistics&text=Between%202017%20and%202018%2C%20Manchester›s,were%2022%2C850%20enterprises%20in%20
Manchester.
21 https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/bulletins/annual
midyearpopulationestimates/latest#local-population-change
22 https://www.investinmanchester.com/why-manchester/education/universities
23 https://www.timeshighereducation.com/world-university-rankings/2019/world-ranking#!/page/0/length/25/locations/GB/sort_by/
rank/sort_order/asc/cols/stats
24 https://www.manchester.ac.uk/discover/facts-figures/
25 https://www.investinmanchester.com/dbimgs/FINAL%20COPY%20The%20China%20Dividend%20-%20Two%20Years%20In-
ilovepdf-compressed.pdf
26 https://www.savills.co.uk/research_articles/229130/308587-0
27 Source - Quarterly Manchester Report, Urban Bubble, 2021
28 https://urbanbubble.co.uk/
29 https://www.theguardian.com/business/2022/jul/14/private-rents-in-uk-reach-record-highs-with-20-rises-in-manchester
30 https://aboutmanchester.co.uk/60495-2/
31 https://www.jll.co.uk/en/trends-and-insights/research/uk-residential-forecast-2022-2026
32 https://www.timeout.com/coolest-neighbourhoods-in-the-world

38
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