Transformed from an industrial deserted town to a thriving hotbed for independents, the inner Manchester city of Ancoats is now amongst one of the hippest places to live in the UK. Could this be the dark horse of Manchester’s property market?
Historically, Ancoats became a cradle for the industrial revolution. Dominated by textile mills that helped to define Manchester’s reputation as ‘cottonopolis’, the city has since been noted as ‘the world’s first industrial suburb’.
Since the 1990s, Ancoats’ industrial heritage has been recognised and its proximity to the city centre has led to an increase in investment, diverse opportunities and substantial regeneration that has changed the face of the city’s intertwining streets.
Tucked between New Islington and the offbeat Northern Quarter, Ancoats offers a quirky living option just a stone’s throw away from the hubbub of the main city centre.
Manchester’s population currently stands at around 2,713,000 which is up 0.84% from three years ago, this statistic is predicted to increase to a staggering 2,968,000 by 2030. A large demographic of the city is 18-30-years old, which amounts to 33% of Manchester’s residents. The third of millennials residing in Ancoats expands the city’s reputation and attracts a larger number of the population to call Ancoats home.
Ancoats is now a magnet for attracting a surge of both owner occupiers and buy to let investors into the area as Manchester City Council have recognised the scope for opportunity across this revitalised pocket of the city. An increase in investment and government spending has strengthened opportunity for regeneration as a response to the growing population and a huge spike in demand. In regards to property development, £3.4 billion has been poured into the city alone. RW Invest property investment professionals state that,
“Significant investment is being made across Greater Manchester into all sectors of the economy. Notable infrastructure spending will make Manchester one of Europe’s best integrated cities with seamless transport solutions for its citizens”.
Empty warehouses on run down streets have been proudly renovated into enticing neighbourhoods, sitting in a perfect location to the city’s renowned commercial district. Independent eateries, unique boutiques and breath-taking views over one of the city’s canals help define the desirability of this location for an alternative way of Manchester living.
Offering a perfect balance between old and new, Ancoats’ heritage is glorified throughout the city as it remains prominent throughout a plethora of innovative new builds. Grade II listed mills have been converted into a showcase of modern apartments that celebrate Ancoats’ history.
Undoubtedly, Ancoats serves as an ideal location for tenants to enjoy all that the city offers and it comes as no surprise that investors can reap the benefits of this evolving city too. Despite being on the outskirts of Manchester city centre, interestingly, this location provides a plus point as house prices remain low whilst rental returns remain unhindered.
Home values have risen by 29.54% over the past five years, according to Zoopla, generating great potential for capital growth as well as robust rental yields. Experts predict that Ancoats will begin to replicate the tone set by Castlefield, and flourish to become a charming district were property prices soar and capital appreciation prospers.