Manchester has outshone London as the prime hotspot for property investment in England. In the latest UK residential investment cities report by Colliers for the first half of 2024, Manchester climbed to third place in the rankings – with the city now recognised as the strongest city in England for property investment.
Edinburgh emerged as the leading city for property investments across the UK, maintaining its top spot from the end of 2023. Scotland’s other major, Glasgow, continued to show robust demand, holding onto its second-place position.
The report, which evaluates UK cities against 24 indicators such as GDP, population growth and leisure facilities, highlights Manchester’s recent economic surge and attractive property market conditions.
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The city has experienced an unprecedented house price growth of 33 percent over the past five years, significantly surpassing the average of 15 percent.
Andrew White, head of UK residential and international properties at Colliers, said: “Manchester has gone through a significant transformation including redevelopment in recent years across the housing tenure mix, so it’s only natural that it would rank highly in our analysis.
“In addition, we’ve witnessed lots of large corporations and government bodies moving their headquarters to the city in the last five years, such as, JP Morgan, Octopus Energy and Rolls Royce, which has naturally resulted in increased demand for homes, and bolstered significant house price growth in the city.”
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He continued: “Furthermore, Manchester’s economic and residential growth highlights the need for strategic expansion to meet housing demand.As Manchester continues to attract residential investment and experience population growth, the availability of greybelt land for development will support sustainable urban expansion.”
Oliver Kolodseike, from Colliers’ research and economics department, added: “While the top two cities have remained static in our latest analysis there’s been plenty of movement across the top 10 cities, mainly due to changes in GDP predictions, house price growth as well as updated data on business start-ups.
“Due to our analysis looking at a variety of indicators which are central to the residential property market, we can tailor the insights based on investors’ core drivers, whether that’s economics, housing factors or indicators which are essential for residents.”
