U.K. Jobs and Housing: Manchester Remains The Biggest Pull For Potential Millennial Tenants
Studies of U.K. jobs and housing suggest that finding a job is one of the main driving factors behind relocation, which is increasingly more common in the growing generation of ‘millennials’. This demographic of young people reach adulthood in the 21st century, and nearly two fifths of under 25-year olds are reported to move to a new house in their lifetime, with relocation for work purposes highlighted as the dominant reason for the transfer.
As the younger generation today are actively seeking a high standard of job, often relocation is essential to secure desired positions with a higher salary. Choosing to purchase a buy to let property in the UK surfaces as a premier choice, as buying a property to live in becomes an unreachable vision for young people who have been coined ‘generation rent’, due to the expectation of renting for most of their lives. Given current trends in the U.K. jobs and housing area, Manchester is a shining star.
U.K. Jobs and Housing
Trends in relocation are benefitting a multitude of northern powerhouse cities as they remain attractive to professionals all around the country. Manchester’s growing job markets are rising in unison with the employment opportunities surfacing throughout the city attracting a diverse collection of potential resident’s keen to source rented accommodation in Manchester’s centre.
Spikes in population over recent years have mirrored the surge in the millennial population, undoubtedly supported by the rapid growth in job prospects that have become central to Manchester’s economy.
Ranked the sixth city in England for people achieving jobs, it has been outlined that the success rate of obtaining a job in the current economic climate is higher in Manchester than the capital city of London. Heavy focusses on science, culture, innovation and technology underpin the exciting, unique employment opportunities present within the city across these multiple sectors.
Current Trends
Ambitious development initiatives such as the £1 billion expansion of MediaCityUK, and the state of the art revival of Spinningfields’ business district provide a hotbed for investors as the job market into these areas flourishes due to the added appeal driving the tenant demand. Home to a plethora of globally respected financial firms such as Natwest and RBS, the district has transformed into a haven for young professionals aiming to source work in a leading northern hub.
MediaCityUK on the banks of Salford Quays is a magnet for young professionals seeking alternative city living, and with top broadcasting corporations calling this cutting-edge destination home, there is soaring demands for creative minds who want to utilise the best facilities in the business through work.
In a recent article by Buy Association it has been suggested that,
“Workers are moving away from the capital to places like Manchester and Birmingham, and many major businesses are following suit. The number of Londoners abandoning the capital has hit a 10-year high, as people move elsewhere looking for lower house prices and a better quality of life”.
Is Manchester Right For You?
Property investment companies like RW Invest specialise in buy to let opportunities that capture Manchester’s prominence in the property sector. You can click here to view the latest premium properties. These have been carefully selected with each investor in mind, keen to meet the growing demands from millennial tenants who are consistently residing in this urban gem of an investment hotspot.