New Urban Settlers, known as Nurbs, are flocking to Manchester’s private rented sector, new research from Experian shows.
They are up-and-coming professionals who demand high end accommodation in good locations. In the South, they flock to the Home Counties, while in the North they head to Manchester. Indeed, Manchester has enjoyed a 19 per cent increase in population over the past ten years and Nurbs are leading the field, Experian’s research found.
Buying is out of the question for many of the Nurbs, as the lack of supply, growing prices and tougher mortgage affordability rules have changed the property market landscape. Now, many young professionals that are well off prefer to rent a property, climb the career ladder and then rent steadily more luxurious properties.
“With money harder to borrow, larger deposits required, a lack of affordable housing and the impact of the economic downturn, one of the biggest changes we have seen is a strong growth in the number of people renting,” Richard Jenkings, senior consultant at Experian Marketing Services says.
Manchester’s Nurbs are driving demand for luxury apartments in the city. Ray Withers, chief executive of property investment specialists Property Frontiers, comments:
“We’ve seen a dramatic increase in those classed as New Urban Settlers in Manchester in recent years. The career opportunities in places like Salford Quays are particularly attractive to them and the waterside living that the area boasts is a textbook example of the kind of accommodation that the Nurbs are looking for. Convenient location, high quality interior and excellent local amenities are all essential for the modern professional’s rented accommodation. Priced out of the market, they take the view that if they are going to have to rent, they may as well demand the best.”
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