Manchester city centre almost full to capacity - Emerging Real Estate

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 Manchester city centre almost full to capacity

The latest figures to come out of Manchester indicate that almost 95% of apartments and flats in the city are currently occupied –a fact that opposes the widely held view that hundreds of properties (particularly apartments) which were built during the housing boom had instigated an over-supply of property. Local government and housing chiefs are suggesting that development did outpace demand when the economy was buoyant – but it is only now in 2011 that demand has caught up, resulting in Manchester being a great place to be a landlord right now.

The city’s council tax records from March indicate that just 6.8% of the 10,000 homes in the city centre district are defined as ‘void’ or in other words – empty. This means that 93.2% of homes are classed as occupied and can therefore be taxed. The figures also indicate that at present there are 642 empty properties in the city centre, which is almost 150 down on last year.

The fact that since March 2010 only 20 new properties have been released onto the market shows that house-building in general has slowed down dramatically since the burst of the housing bubble. We have spoken many times before about the incredible rise in the number of renters in the UK and Manchester would appear to be no different.  In fact, many are suggesting that the rental market is the sole reason for increased occupancy in the city.

Paul Andrews, who sits on the council as executive member for neighbourhood services believes high occupancy in the city can only be good news – “During the house-building boom, especially from 2000 onwards, development in the city-centre outpaced demand as many apartments were built speculatively.

“Now demand has caught up, powered by a strong rental market. These figures demonstrate a thriving, dynamic city centre which is proving a popular place to live.”

If you would like to get involved in the buoyant rental market in Manchester, we do still have properties available in the Eastgate area of the city – if you would like to chat with us about these apartments, then please do not hesitate to get in touch.