Manchester’s Professional Boom
Throughout the Manchester area there is a large demand for property from young professional, graduates, and medical undergraduates.
This is due to numerous national and multinational companies making their base in Manchester, as well as the presence of three major hospitals. Manchester is also home to a rapidly expanding banking, accountancy and legal district.
Many people are therefore relocating to the Greater Manchester areas, in order to take advantage of the lower cost of living, booming job market and cheaper property rental market.
A large proportion of these graduates move from London, making them familiar with the HMO/multi-let rental market. They automatically seek out high quality, well finished accommodation with reasonable communal room areas and adequate facilities within the property.
HMO Property Designs actively source units within striking distance of all major employment areas in the region. For example, we look for property within walking distance of the BBC, Media City, business zone and university campuses as well as near to the Salford Royal Hospital.
New companies are opening all the time in Manchester, including regional offices for the likes of RBS, HSBC, Coutts Bank. These are all easily accessible via the tram line from our properties. The BBC Media City houses ITV as well as all the BBC studios, adjacent to ancillary companies and hotels.
Central Manchester also hosts regional offices for large professional services, such as KPMG, Deloitte and Pricewaterhouse in accountancy. Across the legal sector, Manchester is also home to the regional offices of law firms including Eversheds, Pannone, Irwin Mitchell and the first ever office of “Magic Circle” solicitors outside of London, occupied by Freshfields Bruckhaus.
Collectively, these companies house whole streets of office blocks and employ tens of thousands. Many of their employees consist of young professionals and young mobile ex-graduates. There are also, of course, many large and medium sized companies thriving in the Manchester area, which also employ vast numbers of young professionals.
Additionally, the three large hospitals in the region include Manchester Medical School, which is also a teaching hospital. All of this means a huge need for rental property, with much demand centring on contract and short-term 12 month lets. The Manchester Boom means a constantly increasing demand for quality, individually let rooms with location the prime concern. And these are paramount within HMO Property Designs overall investment model.
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