Manchester remains to be the hottest destination for overseas investment and immigration for Hong Kong people!
Manchester is the most developed city in the UK, after London. With an abundance of job opportunities and a much more affordable cost of living than London, it is quickly becoming the most popular and accessible location for local citizens, immigrants and investors.
In recent years, Manchester’s economic development has accelerated at a rapid pace, all due to the British government’s constant push of city-renewal and gentrification plans in the Northern UK. Moreover, many large-scale infrastructure projects have been launched and are in construction, including the HS2 high-speed rail line connecting Manchester to London (1hr 10 min) and the expansion of the airport. Numerous large enterprises and corporations have also settled in Manchester. Google, Huawei, Amazon, PricewaterhouseCoopers and Ernst & Young etc all have offices in Manchester City.
As a multifaceted business district, Manchester attracts a plethora of white-collar professionals into its city center. As a result, Manchester’s population growth is three times the national average, creating high demand for housing, whilst also increasing property values in the region.
At present, the average residential property price in Manchester is about 250,000 pounds (2.4 million HKD). Although a steep increase from the past few years, properties in Manchester are still more than half lower than the average property price of HK$6 million in London, so it leaves a wide leeway for further appreciation.
Furthermore, the property rental market in Manchester continues to be highly active. After the epidemic, many professionals have returned to the city center, resulting in a shortage of rental properties in the urban area. Currently, Manchester’s rental yield ranks second in the UK, with an average of 5%!
Source: Source: Singtao Oversea Property