Why Are Investors Leaving London?
Time and time again, we are reminded of the average property value in London and how it seems to always be reaching new highs. We are often told of how these prices came to be and how the international investors are to blame. But we have new, possibly game changing news for you – investors are starting to look elsewhere.
To be more specific, investors are now looking north where the average price of a property is around £186,350, compared to London’s £503,431. With these kinds of figures, an investor could buy three properties outside London for the cost of just one in the capital.
But it’s not only investors and the general population who are looking elsewhere to avoid the constantly rising prices. As claimed by well-known property agent Savills, large businesses are moving out of the capital in an attempt to save costs. Manchester has proven to be one destination many businesses are looking towards. The city has the second fastest growing population behind London; Oxford Economics believes that it could therefore outperform Berlin, Tokyo and Paris for job growth over the next five years.
With over £1.7 billion invested into property and a further £100 million invested by the Greater Manchester Investment Fund into supporting business in 2014, there is no doubt that it makes even more sense for property investors to consider Manchester as a viable option. These figures are evidence of the city’s expansion, also giving investors a great opportunity to enter the market at the beginning of its growth curve.
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