Why the Property Market in Salford is a Hidden Gem
Considering its prime location in the heart of Greater Manchester, Salford has become an economic force you cannot ignore. Over the past years, this city has climbed up the socio-economic ladder by improving its transport links, property market, skilled labour, etc. More property investors are attracted to this location because of the colossal promise it holds in the long term. Additionally, available data indicates that since 2004, Salford’s economy reported a steady growth rate exceeding 12%. Indeed, this shows there is more to gain from this Greater Manchester commercial centre.
Consistently growing demand
In a news report by the Manchester Evening News, the media house reported that Salford has the highest number of people relocating from London. In 2018, it was reported that 10,200
Londoners moved to Salford within a very short period. Even better, the BBC made waves when they moved their world service business team to the exact location. All these happenings indicate the consistently growing demand, which holds lots of promise for Salford. As more people consider Greater Manchester a viable place for living and economic activities, you cannot deny the reality of this apparent change in city preferences.
Additionally, national statistics indicate that the population of the city stands at 258,834 (2019 stats). Ten years earlier, the city’s population was 230,800. The difference in these numbers shows how demand has grown and will continue to as economic activities boom. Automatically, that will cause a spike in office and living spaces. Check this website for additional information about the growing demand for property in Salford, Greater Manchester.
Increase in job opportunities and businesses
The UK’s Department of Work and Pensions has listed Salford as the city with the highest yearly rise in job creations. The department added that this city continues to see annual improvements in the employment status of locals, making it an area with progressive growth. Already, the city houses over 8,700 businesses. Furthermore, from all indications, there is a certainty that more organisations will be set up by 2025.
Companies like Vodafone, ITV, BUPA, CGI, Kellogg Group, Swinton Insurance, etc., have all set up bases in Salford. Therefore, it is not surprising that more companies will be moving up north to become a part of Salford’s success story. Currently, the UK’s employment rate stands at 75.1%. Although this is slightly lower than 2019 and the first quarter of 2020, it didn’t rock Salford’s employment statistics. The city’s employment rate stood at an impressive 75.5% without taking a hit from the pandemic.
Unlike the housing market in London, which performed poorly in bouncing back after the first lockdown, the property market in Salford, Manchester, surprised many. More surprising is the fact that comparatively, low property prices became the deciding factor for most investors. Financial experts believe that the city’s strategic northern location may have helped in making it a hotspot before, during and after (manner of speaking) the COVID pandemic.
Another reason the city has a resilient market is likely because of its high regeneration and development rate. A few examples are the Port Salford, Greengate Square, and the development in the Salford Quays area. Furthermore, worth talking about is the transformation of Pendleton. All these regeneration projects are bringing in millions of GBP to the national economy.