5 Reasons Why Manchester is Better than London for investments
1) A Better Place to Live
In the Economist’s Global Liveability Index for 2018, Manchester was the highest ranked UK city. Manchester scored an impressive 35th place on the list compared to London which placed 48th, a record 13 place gap. Factors like political and social stability, education, healthcare and crime all contributed to Manchester’s impressive score. Malcom Press, the vice-chancellor of Manchester Metropolitan University said on the score “It is excellent to see Manchester feature among the world’s most liveable cities. It is an exciting place to live, work and study, with an enviable reputation as an attractive destination for students from across the UK and worldwide. The new ranking serves to reinforce Manchester’s reputation as a welcoming and dynamic city, one we’re proud to call home.”
2) Rental Yields
Another reason why Manchester is better than London is its rental yields. Many buy to let property investors are choosing to sell up in London and purchase rental property in Manchester where rental yields and property prices are much better. The average rental yield in Manchester is 5.55% and its rental price growth is an amazing 5.76%. In London however, the average yield is 3.05% and rental price growth is -1.12%. These figures show how in terms of property investment Manchester is far better than London.
3) Population Growth
Manchester’s impressive levels of population growth far outperform London. Thousands of people have been moving to the northern city due to its increased opportunities and impressive regeneration. A recent report by Centre for Cities shows just how much the city is growing compared to other UK cities including London. Between 2002-2015, the population of Manchester grew by 149%. London’s population only grew by 22%, far below the levels of growth witnessed in Manchester. This incredible difference is also echoed in the number of people that have moved away from London and chosen to live in Manchester instead. The UK city centre average in England and Wales was 47%, Manchester is three times this.
4) Job Growth
Jobs growth in the city is also staggeringly higher in Manchester. Also looked at in the report, job growth in Manchester was the highest in the UK. Between 1998 and 2015, jobs growth in Manchester city centre was an amazing 84%. In London it was 71%. Though both cities have witnessed a rise in job opportunities, Manchester’s is far higher. The UK city centre average across England and Wales was 34%, showing how far above average Manchester’s statistics are. The relocation of major projects like the BBC base at MediaCityUK have also encouraged others to leave the capital behind for brighter futures up north. Manchester had the highest levels of job growth in the country, especially compared to the south, like Norwich which had a 16% jobs growth and Brighton which had 31% jobs growth.
5) Value for Money
The cost of living in Manchester is another major reason why it is better than London. Most people find that their money goes far further in Manchester, where things like food, drink, fuel and rent is far cheaper. Property investment companies like RW Invest have seen a huge rise in the number of investors looking to more their investments from London to Manchester. Though the average salary is higher in London, the cost of living in Manchester is so much lower that it doesn’t matter. Property prices are also far more affordable, up to four times lower than in the capital.