JLL in Manchester has reported a significant rise in sales and lettings values across the city centre in 2021, with strong demand expected to continue throughout the new year. Average sale prices rose by 22%, while the rental average grew by 8%.
Oliver Dolan, Director in Residential Agency at JLL in Manchester, commented: “Manchester’s residential market remains as resilient as ever thanks to the strength of its business offering, unrivalled culture and nightlife and infamous sense of community. It has become a real rival for London with a vibrancy and lifestyle that’s hard to replicate, while also offering relatively better value in terms of cost of living. Indeed, we’d expect the trend for people relocating to the city in pursuit of a better quality of life to continue this year and beyond.
“This has been bolstered by a growing number of national firms moving their headquarters here, or expanding their existing presence, which has driven a significant uptick in demand for properties, both for sale and rent, among young professionals. During 2021, Manchester saw a 31% rise in the take up of office space, with much of this Grade-A helping staff retention rates as people enjoy working in these high-spec spaces. As a result, we’re also seeing more and more graduates choosing to remain in the city and make it their permanent home.
“With more major employers moving into the city and further investment into the retail and hospitality sector expected this year, there remains a great opportunity for developers – particularly those that are able to embed placemaking, green space and a sense of community into their offering.”