Over the last 10 to 15 years the city of Manchester has undergone a striking transformation as developers have recognised it as a thriving commercial hub and no longer an industrial centre. Many, in fact, now consider Manchester to be England's second city after London, displacing Birmingham.
The redevelopment in and around Manchester city centre has been most obvious, due not only to the rise of the city in terms of commercial importance but also to the explosion of an IRA bomb in 1996, which damaged a large area of property around Corporation Street.
Manchester took the opportunity to turn a negative into a positive, rebuilding and redeveloping the Arndale Centre, which was damaged by the blast, and a lot of the surrounding city centre areas. Property developers saw an opportunity too, and began a steady redevelopment of old warehouses, as well as creating new build residential developments.
These new residential properties, both in the centre in areas such as the Northern Quarter and in outlying areas like Ancoats and Hulme gave the city a much needed facelift, removing the old, dingy look and creating a modern, impressive city and suburbs.
For estate agents, Manchester in the late Nineties and early in the new century represented a boom time. Demand for high quality city centre living was high and the new developments were being bought and sold for large amounts. Some of the most sort after developments included Bridgewater Bank, Bridgewater Street and Castlefield Basin.
One of the more recent developments is the Beetham Tower, or Hilton Tower as it is sometimes called, as it houses a Hilton hotel and facilities. It features 16 penthouses, the uppermost of which covers the top two floors and was bought by the building's designer for £3 million, demonstrating the property prices in the city centre.
It's not just the buying property market that has benefited from Manchester's redevelopment. The letting sector has too, with many property investors purchasing apartments to let to renters, including those who cannot afford to buy.
However, with such a boom in property in the city there is evidence of over supply. Many properties contain apartments that sit empty, with the owners or developers unable to find buyers. This is due in part to the high prices being demanded but also because of the sheer volume of available residential property in the city.
The situation is good for people looking to rent, as eventually rental values will fall and the same could happen for those looking to buy. Either way, Manchester represents a great place to live, whether renting or buying, and those looking to do so should contact Manchester letting agents and Manchester estate agents to check out prices and locations.
Ben Greenwood is writing on behalf of Shepherd Gilmour, Manchester estate agents offering Manchester city centre property for sale and rent.
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