The north-west city is enjoying one of the largest increases in SME turnover levels and is home to some of the country’s youngest business owners.
Summary:
- Manchester is emerging as one of the most prosperous UK hotspots outside of London
- New research shows that the north-west city has recorded a 15% increase in SME turnover levels since last year, while it also has the lowest average age for business owners in the country
- Manchester is already a popular location for international property investors looking for high performing assets outside London
Prosperity in Manchester continues to rise as more investors search for assets in strong investment environments outside of London.
Already named last year by HSBC as having the highest property yields in the country, another leading bank, Barclays, has highlighted the north-west city as being one of the most prosperous regional cities away from the UK capital.
According to Barclays’ 2016 Prosperity Index, compiled earlier this year, key parameters such as average annual salaries and property prices have recorded growth in Manchester over the last 12 months.
But the index also identified Manchester as boasting a number of record growth indicators in the country. The city recorded one of the largest increases in small and medium-enterprise (SME) turnover levels at 15% (compared with just 7% in London), while Manchester also has the lowest average age for business owners in the UK (45 years old).
“It is particularly reassuring to see that there is strong activity throughout the whole of the UK,” commented Akshaya Bhargava, Head of Barclays’ Wealth Division.
“As we look at the future of global trade and inward investment post-Brexit it is the success of our entrepreneurs that will help drive future prosperity – it is essential that business leaders and policymakers continue to nurture these growth areas in order to ensure that these trends continue.”
Last month research found that Manchester has one of the highest proportions of foreign property investors in Britain, while the city has also been recently described as a ‘magnet for investors’ post-Brexit.