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Price of renting in Manchester city centre rising faster than anywhere outside London
21.08.2023 - 09:15 / manchestereveningnews.co.uk
The cost of renting an apartment in Manchester city centre has increased by almost 20% over the last year, according to a new report.
Data complied by global property advisor JLL shows that Manchester saw a rise of 19.6% in the 12 months to the end of June 2023.
The jump was the highest among the 'big six' cities outside London which also includes Birmingham, Leeds, Bristol, Edinburgh and Glasgow.
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The report has also revealed that house prices in Manchester also rose by 4.9% during the same period, the second highest among the 'big six.
According to the report, the rise in rental prices has been fuelled by the continued demand from young professionals and both international and domestic students alongside a significant reduction in supply.
Manchester also saw its average annual rental growth of three-bedroom properties outperform one- and two-bedroom homes at 33%.
JLL said the rise, which was the largest increase across any of the cities reported, showcases the growing demand for families looking to stay in the city centre for longer.
The sales market also saw significant increases, particularly for two-bedroom homes which grew in value on average by 7.4%, although the average cost of a prime two-bedroom property dropped by 2.5% over the same period.
JLL's report added that the growth of Manchester's population by 9.7% and employment rising by 28% has put increased pressure on the housing market.
Steve Hogg, head of UK residential regions and North West, said: "Manchester continues to attract significant amount of inward investment, students and young professionals, looking to make the city their home.
"It's unsurprising
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