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City centre 'still a sound investment'

12th September 2007 | back to article listings BACK    print this article PRINT

The last few years have seen a huge number of city centre apartments come on to the market as a trend for city living has taken hold. Grimy quarters of city centres have been cleaned out and refurbished, while old warehouses by the dozen have been turned into plush New York-style living space.

Of course, as with any trend there is a danger that it could die out in favour of the next fad, but industry operators believe that this is unlikely to happen with city centre living - at least not any time soon.

A spokesperson for property brokers City residential, which specialises in city centre markets, says that people are definitely not looking away from city centre living or investments in city centre property.

City centre properties "are a good investment and there is a huge amount of people still looking to live in the city centre", said a spokesperson, adding: "We have a huge amount of people that are constantly ringing us up for something in the city centre. Our lettings department is extremely busy from that point of view."

Take Manchester as an example. According to figures supplied by Manchester UK, more than half the homes in Manchester city centre are occupied by a single person. Just over 40 per cent of city centre residents earn over £20,000 per year and of these, 59 per cent work in the city centre. Since 1990, more than 7,000 people have moved into Manchester city centre.

City centre living appeals primarily to the young, as it offers them proximity to urban centres where so much of what is important to them - such as nightlife - can be found. Many young professionals also work in the city centre and have friends that do the same, so it is only natural that they would gravitate towards it for their living space as well, according to City Residential.

According to the spokesperson, people living in town "experience the city centre lifestyle, being two minutes from the office and having a great social life" before getting to the stage where "they want to settle down and move to the suburbs".

At that point, many will choose to move out of the city into the suburbs and rent their city centre apartment out, as "they can rent them out quite easily".

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