It is no shock or surprise to learn that there are many factors that impact on a property market and in the north west of England, the state of the business community is a big factor in the Manchester property market. This comes from local residents enjoying more employment opportunities and it also comes from the top end of the market, with an increasing number of foreign investors doing business in Manchester, which leads to more property investment in the local area.
With this in mind, findings in a study undertaken by KPMG will make positive reading for many involved with the property market because Manchester has been hailed as the best city for the cost of business in the whole of Europe. The same report lists London as being the costliest business hub in Europe and Manchester has managed to beat off rivals in Berlin, Rome and Paris.
In the short term, business tourism is booming and the hotel occupancy rate in the city is at its highest level this millennium. In the longer term, as more foreign investors realise the benefits of setting up a European hub in the city, you can expect more property to be snapped up by these businesses and their employers/owners. There is also an increased demand for serviced apartments and it may be that some businesses will decide that there is better value for money in buying property and placing employees into their purchased flats or accommodation.
The south of Manchester appeals to foreign business investors
Given the strong connection options from Manchester Airport it is not unreasonable to assume that many foreign investors and top level employees will be looking for property in the south of Manchester. Areas to the south of the city centre and in the Greater Manchester area provide easy connection and short travel times to the heart of the Manchester business community and to the airport. This increased level of demand means that buyers looking to purchase property in these areas may need to be smarter but there is no doubt that this is a boom period for current property owners in the area.
At Spencer Harvey, we believe anything that highlights the qualities of Manchester as a city is of benefit and if you would like to know how this impacts on you and what you aim to achieve in the local property market, please let us know. The nature of the property market, not just in Greater Manchester but across the UK and beyond, is that good news for someone is bad news for someone else. However, the fact that Manchester is recognised as an affordable and effective location to carry out business will bring opportunities for people at all levels of the property spectrum and no matter what you want to achieve in the Manchester property market, we are here to help.
For all your property needs, please contact Spencer Harvey Estate and Letting Agents on:
0161 480 8888
https://www.spencerharvey.co.uk