Headline news from Q1 2023
- CERT named as finalist for 3 property awards
- Number of available rental properties falls by a third over past 18 months
- Manchester’s economy to be UK’s third fastest growing between 2024 and 2026
- London, Manchester and Glasgow see the biggest increases in rent during 2022, with the average UK rent increasing by £120 per month
A sharp drop in the number of available homes for rent in the UK has been seen over the past 18 months, reducing by a third during this period. With demand for rented accommodation 50% higher than normal levels (Zoopla), the reduction of available properties is only set to continue. This has been a result of the economy opening up post covid – with renters moving back into cities – alongside record immigration, putting an extra squeeze on the property market. The rise in interest levels has also caused potential buyers (those unable to obtain a mortgage) to subsequently remain in rented accommodation. Likewise, higher mortgage payments has deterred buy-to-let landlords, reducing the amount of rental accommodation in the market. This crunch only has one result – a fierce fight for tenants trying to secure rental properties and has driven up rental rates as a result.
Manchester saw an average increase in rental rates by 13.8% for new tenancies in the 12 months to January 2023 (Zoopla), above the UK average of 11.1%.
Manchester’s economy is set to grow by £2bn in the 4 years to 2026. The North-West is forecast to have the fastest growing economy in the North, driven in particular by the growing administrative and support services, and information and communication sectors. Manchester is the clear winner in the region, with an expected growth of 2.5% between 2024 – 2026, comfortably above the UK average of 2.1% and beaten only by Reading (2.7%) and London (2.6%). The North West is set to be such a strong performer economically due to its dynamic and innovative businesses, and while the next year may be economically challenging, over the following few years the fundamentals are looking strong. Manchester leads the way not just in the North, but in the whole of the UK for employment, expecting to see the fastest employment growth across the UK with 1.8% per year to 2026, the UK average forecast at 1.3% for the same period.
London, Manchester and Glasgow see the biggest increases in rent during 2022, with the average UK rent increasing by £120 per month.
CERT named as finalists!
We are delighted to announce that we have been named as a finalist in several prestigious awards for our outstanding work in the property industry, including; our Duke & Parr deal with Sony for the Insider North West Deal of the Year, Howard Lord for Insider’s Game-Changer Award, and the Duke & Parr deal with Sony for the Property Week Awards Deal of the Year category.
The Insider North West Deal of the Year Award recognises the most innovative and successful deals in the North West region. We have been shortlisted for our work on Duke & Parr, a Grade 2 listed building located in the heart of Liverpool’s Ropewalks district.
Property Week Awards are among the most prestigious awards in the property industry. We have again been shortlisted for Deal of the Year for our work on Duke & Parr. The project was completed with the help of nearly £5 million in investment funds from the Liverpool City Region Combined Authority, which has now been repaid in full.
The Game-Changer Award celebrates the individuals who have made a significant impact on the property industry. Our Founder and Managing Director, Howard Lord, has been named as a finalist. With 17 years of experience in the industry, Howard has played a key role in the company’s success, overseeing the development of some of the North West’s iconic buildings.
Hilton House launched its first art exhibition of 2023.
We’re pleased to be hosting a thought-provoking and visually stunning display, titled “Surviving on a Shoestring: A Visual Commentary on the UK’s Cost of Living Crisis,” at Hilton House weekdays 9am-5pm running until 7th June. The photography exhibition explores the beauty and struggles of living on a tight budget through two distinct yet complementary lenses.
The exhibition is a collaboration between two photographers, Claire and Dillon. Claire captures the beauty and dignity of Mustard Tree food items in a visually striking and glamorous way. Her images are both aesthetically pleasing and captivating, inviting viewers to reflect on the often-overlooked beauty of everyday items. Meanwhile, Dillon takes a more direct approach by showcasing products with messaging that reflects the daily struggles faced by those living on a tight budget.
Together, Claire and Dillon’s images create a powerful and fascinating exhibition that invites visitors to reflect on the harsh realities of the UK’s cost of living crisis.
Learn more about the Hilton House exhibition here.
Velocity, the 3rd phase of our projects in Trafford’s Civic Quarter, saw the planning application submitted to develop the 102 property scheme, on the adjoining site to Insignia & Kinetic. The development will comprise of apartments and townhouses with extensive garden areas at both ground and rooftop level. The project is destined to be a further contribution to the regeneration of the Civic Quarter area of Old Trafford, a thriving residentially-led neighbourhood where it is the people and community that underpin new development.
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Arts Bar Baltic opens at Elevator Studios
Arts Bar Baltic have taken over the 2,637 sqft ground floor space. The new hospitality venue is open 7 days a week through to 2am, serving breakfast, lunch and evening bar snacks. A great asset to the building and local area, bringing the community together, there is entertainment every evening, from DJs, local bands, artists and dramatic performances, as well as regular events held in the day for business networking and spaces for creatives.
Arts Bar launched on the 10th of March 2023. Singer-songwriter Ben Paveley and drummer Jacob Carlton performed together, as well as the Queensway collective which promotes underrepresented electronic music artists in Merseyside.
One of the most exciting aspects of Arts Bar is its commitment to showcasing some of Liverpool’s best talent. The venue will regularly host live music events featuring a variety of local artists, covering everything from indie rock to electronic.
Read more about the opening at Arts Bar Baltic here.
Duke & Parr x Sony
The fit out of Duke & Parr by Sony is now only one month away from completing and is really taking shape, looking incredible as the 57,000 sqft office space comes together ahead of the first employees ‘moving in’. All the workstations and media is now in place and Sony have repositioned the car park into their staff entrance from Parr Street, with the first employees due to be starting work in the second quarter of the year.
Developments & Construction
SONA continues to progress well with the apartments now being plaster boarded and kitchens being installed. Sound proof flooring (hush flooring) has been installed, ready for the finished surface to be laid. Scaffolding in the inner atrium will now start to be dismantled for the internal walkways to be completed. Our design team have completed the furniture selection which will compliment the SONA brand of dusty pink with pastel green and grey. The 45 apartment scheme is on course for completing and welcoming the first tenants in Q3 2023.
Royal Canal Works
Royal Canal Works, a development of 40 apartments plus exclusive townhouses along the canal in Stretford saw the arrival of the steel frame for the second block at the beginning of the year which has now been erected. The positioning on the development and views the properties will benefit from can now really be seen, offering a beautifully serene setting for future residents.
We were pleased to welcome a new member to our ever-growing team during the first quarter of the year.
Bethany has joined our team in Manchester as Marketing Content Creator. Alongside working with the team, she will be working towards her level 3 apprenticeship in Content Creation. Bethany will be helping build CERT’s community through the content she creates and shares.
Are you up to date?
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The Greater Manchester Combined Authority has announced that its long-term plan, Places for Everyone, has moved into its next phase. Insider Media.
Rightmove published its July House Price Index report, Rightmove.