Manchester has been hailed as the UK’s second city for investment opportunities.
That’s the view of Phil Dare, HSBC’s regional manager for the north in real estate, who was speaking in the cultural and residential round table at Insider’s Property Investment Forum in London.
He said: “Financial institutions are working in partnership with the HCA and the council to improve the city and to build the housing that Manchester and the region needs. There needs to be some intervention to force developers to use land in more place-making ways, to build proper, well-designed housing for the rental market. There should also be some incentives, either through the planning regime or through taxation, to deliver a proper PRS product.”
Mat Oakley is a director in commercial research at Savills and said there’s been a dramatic increase in interest from foreign investors into the North West. He said: “The cultural offering that Manchester has is very important in this. Other cities are losing out to Manchester as they don’t have the right cultural offering. Another important aspect is the fact that Manchester still has the highest number of graduate retentions of any city in the UK. The city has always had a vibrant creative heritage – it’s a city that creates content – but we need to make sure we have the right work spaces for people to remain creative.”