With the cost of keeping a business afloat in London rising, it’s no wonder that many companies are turning their attention to other dynamic cities within the UK. One of those dynamic cities is Manchester, which is now frequently referred to as Britain’s ‘second city’. It’s a city that’s undergone millions of pounds worth of investment in development to turn it from a traditional English industrial town into a multicultural hub, visited by thousands of tourists from across the globe.
So, why should your business make a move to this northern city? Here’s a look into what’s so appealing about Manchester in 2019:
Lower Business Costs
One of the biggest factors that entice businesses to Manchester is the lower costs. Running a business in this city in considerably cheaper than in London. Plus, there’s a huge availability of cheaper commercial buildings to rent for offices and workspaces from property management Manchester agencies because the city is still expanding at a rapid rate.
Furthermore, Manchester has been ranked highly for creative industries, innovation and Artificial Intelligence. Recently, Manchester received the CityVerve accolade, meaning it could become the U’’s first city to test out the technological capabilities of the Internet of Things. The government has now invested £10m into city tech improvements.
Something to consider when contemplating whether to make the big move is whether the city is suitable for your business. If you’re a tech business or creative agency, moving to a place that’s been named as the third most active tech city in the UK could put you at a massive advantage over competitors.
Great for Start-ups
For many start-up businesses, acquiring premises in a city is a great expense. Because of this, it’s not always feasible in the early days. However, in an up-and-coming city like Manchester, the costs are still extremely reasonable, and there’s lots of help available. The city is dedicated to supporting small businesses, helping them achieve their goals has increased the city’s economic growth up 7.5% since 2014.
Furthermore, Manchester Metropolitan University has a Centre for Enterprise, which gives support and advice to small business and entrepreneurs. This is something you can really take advantage of, especially as not every city offers this level of dedication to smaller businesses.
Excellent Transport Links
Another appeal of Manchester is the excellent transport links to and from the city. Greater Manchester Combined Authority spent over £280m on transport last year to try and make it as dynamic as possible. The investment was pumped into the airport, buses, trains, Metrolink and also improving the cycle network for both cyclists and pedestrians.
Manchester City Centre airport welcomes flights from over 200 cities around the world, including Dubai, San Francisco, Hong Kong and Beijing to name a few.
On the ground, there are 60 trains running per day from Manchester to London – meaning accessing the big city is still super easy for businesses. Other cities such as Leeds, Birmingham and Liverpool are also easily reached by hopping on the train.
Additionally, with the new railway line HS2, there’s only going to be more and more investment in the city. Moving to Manchester in 2019 may be the best time to do it, as it slowly gains popularity from across the UK and therefore businesses may face increased competition.
A City of Young Talent
Manchester is home to the biggest single-site university campus in the UK, meaning there’s an abundance of bright, talented graduates who leave university looking for employment in the city. The main university, along with the additional 3 universities in the area, have a combined total of 99,000 students.
If this wasn’t enough, Manchester Business School has received a £33m investment, to further enhance the city’s strong reputation for producing intelligent young professionals. Business who choose to move to Manchester in 2019 will be able to take full advantage of this talent pool when it comes to recruiting new employees.
Already Home to Many Large Corporations
If you decide to move to Manchester, you won’t be alone. Salford’s Media City is already home to some of the nations biggest names in entertainment, including BBC and ITV. Not only this, but Media City is also home to over 250 SME businesses. Thanks to the plans for a whopping £1bn extension, it’s likely it will double in size over the next ten years.
The dramatic change in Manchester’s economic strength has drawn attention from other businesses, too. The city is the regional centre for finance, commerce and retail. Consequently, the likes of Ticketmaster, the Co-Operative Group and the Royal Bank of Scotland have all established a base in the city.
Moreover, the prestigious area of Spinningfields is now home to RBS, Barclays, Bank of New York Mellon and PWC. This part of the city also welcomes a range of start-ups and freelancers for hot desking and co-working spaces.
What This Means for the Housing Market
As a result of the influx of businesses heading to Manchester, the housing market has been able to reap the benefits. When you move your business to another city, it’s also important to consider the need of your employees. An area like Manchester offers great living standards, with far more value for money than London. House values are still extremely attractive when compared to other areas of the UK, with the average price for a home still at £158,000.
There’s also been flurry of investors looking for ROI with rental properties. The strong demand for rental homes has seen the rental price growth reach 5.76% in 2017. This means that employees will have plenty of options when it comes to housing.
Lastly, it’s also seen as an amazing place to live in general, with so much going on you’ll never run out of things to do in your free time. So, if the city’s strong economy and fantastic transport links haven’t persuaded you to make the move, then perhaps its vibrant atmosphere will be enough to sway you.