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Manchester student property market "resilient"
04/03/2009
The chairman of a Manchester-based property management and investment firm has claimed that they owes its success to the fact that it has concentrated on the student market.
Paul Wildes of the Mansion Group said that its growth has been fuelled by the "resilient" student sector.
The firm is predicting a 150 per cent increase in its retained reserves of £4 million on turnover of £25 million in the financial year ending in April, Crain's Manchester Business reports.
Mr Wildes said: "In the current climate, student accommodation is a relatively stable and secure market for both private and institutional investors. In contrast to the rest of the property sector, it is burgeoning."
He added that the market for student accommodation is worth £6.6 billion in the UK and is expected to keep growing.
Last month, Crain's Manchester Business reported that investment firm Key Property Investments had begun circulating details of a number of Urban Splash properties in Manchester which it said it could negotiate a discount on through bulk purchasing.
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