Young Professionals now make up the highest portion of rental demand. With rising house prices and an increased desire to live close to commutable distances in city centres – those with specific lifestyle desires have shaped how they want properties to look and feel that they are going to live in.
Shift in Lifestyle
Due to the changes in student accommodation over the last ten to fifteen years, those coming out of university have a more discerning taste when it comes to how they want to live. No longer are student digs dark, unhygienic, and undesirable, they have been improved over time to be classy and luxurious. This means when students leave and get a job in one of the cities around the UK, they’re looking for something with a bit more of an “upmarket” feel. This is undoubtedly a trend The Heaton Group have noticed in demand for properties in the north-west by young professionals.
There’s also how city centre living has changed over the last few years. Urban life was something that young professionals would look to only if they had few other options. Now it is desirable, mainly due to rising transport costs, but also due to the amenities on offer in cities such as Manchester such as better bars, more activities, and the energetic music scene that young people enjoy.
Better paid, with more disposable income
Young professionals have been boosting the city centre economy for a long time now, they’re a desirable asset within companies that bring new ideas, and they work harder than ever. This has resulted in wage increases for young professionals and with it an increased desire for apartments that match their high-profile lifestyle. No longer will a young professional sit in a dingy bedsit struggling to make ends meet; they are looking for high specification apartments in the city centre to impress. Their demands have changed too – families are being started younger, and it increases the need for two-bedroom apartments in city-centre locations.
The growing family dynamic while also providing young professionals with a further reason to give the best quality accommodation has also resulted in more inner-city activities for families along with better transport links to nature. Areas such as Preston are less than an hours drive from the Lake District, and Manchester has some superb wildlife in the regions around should people wish to take advantage.
Property developers move with trends; the trend right now is to meet the demand young professionals have for high specification apartments in city centres. As you’ll see by Manchester's skyline, demand currently outstrips supply considerably. As a result, we’ve seen property prices rise in central Manchester by almost 20% in the last five years and predicted a further 25% by 2025. While we do have properties in these areas, the increase in demand has come from commutable distances too such as Preston, Bolton, Wigan, and Warrington. As a result, we’ve seen rental prices consistent with Manchester, but at a fraction of the property price for the investor.
To speak to us regarding our North West Developments or to make an investment – email us on firstname.lastname@example.org or call 01942 251 945