Highlights from UKAA NW Hub Christmas Drinks 2023
On 23rd November 2023, The UKAA held its NW Hub Christmas Drinks at Cortland’s Colliers Yard in Salford. The event was a resounding success, drawing in a crowd of 95 property professionals. It radiated a fantastic buzz, and thevenue provided the perfect backdrop for an evening of insightful discussions and networking.
Ed Howe of Cortland Consult delivered compelling insights into the Manchester Build-to-Rent (BTR) market. Ed shared that the Manchester BTR sector has experienced an astounding 400% growth since 2018, boasting a total of 11,528 homes that are now open and operational.
However, the success of the BTR market comes with its own set of challenges. Post-Covid, the number of properties available for rent in Manchester has decreased by 70%, a significant drop that is driving rental prices upward. Interestingly, the rental increase is more pronounced in the “embedded” Private Rented Sector (PRS) compared to purpose-built BTR.
Below is a snapshot of the rental price changes since 2022:
|
|
PRS |
BTR |
|
1-bed |
+22% |
+0.5% |
|
2-bed |
+23% |
+10.5% |
|
3-beds |
+34% |
+13.2% |
These statistics reveal that while both PRS and BTR rents are on the rise, the “embedded” PRS sector is experiencing more substantial increases across various property types.
The Manchester BTR pipeline appears robust, with plans for 16,125 new homes across 41 communities. Among these, 7,905 homes are currently under construction, set for completion by the end of 2025, while an additional 6,870 have already received planning approval. Furthermore, 1,390 homes are awaiting planning consent.
In addition to Ed’s Keynote, the Cortland team gave a tour of the impressive amenities at Colliers Yard. From a state-of-the-art gym to a virtual driving range, expansive workspace areas, and private resident’ lounge.
Thank you to our sponsor and host, Cortland Consult, and to all attendees for making it a memorable event.
