Real estate and digital technology drive Manchester growth
The real estate market in Manchester has undergone something of a resurgence in the past year, with construction on the rise, new residential developments popping up, and buyers piling in. After years in the doldrums, the property scene is proving both a magnet for, and a generator of, a rise in the fortunes of the North West’s high net worth individuals.
“Manchester has a good level of prosperity and confidence,” says Fiona Wood, head of the family law practice at Slater & Gordon, who is based in Manchester. Her clients include the region’s wealthiest families, not only in the regional capital of Manchester, but also from across Cheshire, Lancashire, throughout the Lake District, and farther afield.
Advisers report that international clients from China and the United Arab Emirates have been looking to invest in Manchester properties, as attention slowly trickles up from the London market into regional centres. Deborah Clark is a partner specialising in personal tax and estate planning issues at Mills & Reeve, also based in Manchester, says: “We are seeing external funds coming into the city, and we are working for London-based clients building real estate portfolios in Manchester.”
As the business environment benefits from the increasing prosperity in the region, wealth creation amongst local entrepreneurs is also on the rise, further fuelling investment into real estate. The typical high net worth client in the North West is different from that served by wealth advisers in the capital, and entrepreneurs are thriving.
Rebecca Durrant, a tax partner in the Manchester office of accountants Crowe Clark Whitehill, and a specialist in private client work, says: “Traditionally, we have dealt with a lot more inherited wealth or ‘old money’, but in recent years, particularly here in Manchester and the North West, we are a lot more involved in new family businesses, whether…To read the full article, please subscribe to our e-magazine.