For years, London has prided itself on being one of the leading tech centres in the world. The area around Old Street, known as the Silicon Roundabout, has earned a worldwide reputation for fostering some of the most promising tech start-ups in the world. Now, however, there is a new competitor on the scene. To see it, you do not need to look across the channel but up the north.
Manchester is on the rise. What was once a symbol of industrial revolution is now becoming one of the shining lights of the new economy and leading the way in the vibrant tech scene.
According to a report conducted by Dealroom and job search engine Adzuna, Manchester is now the second-biggest tech hub in the UK behind London. Record levels of outward investment have seen activity rise rapidly, with vacancies in the tech sector rising by 164.6% in 2021. The government is now using these results to compile a tech upgrade league to promote regional cities in the UK.
The increasing diversity of the sector can be seen in the spread of investment into the UK tech sector. Last year, the UK sector saw investment rise to £29.4bn, with nine million coming from outside the capital and the Southeast. Today, much of that activity comes from American investors who see the UK as an attractive destination, even after the advent of Brexit.
This new data corroborates a report from the Greater Manchester Local Enterprise Partnership earlier this year that highlighted the strengths of the area’s tech sector. In particular, Manchester is becoming home to a growing and increasingly vibrant eCommerce industry. It includes five homegrown eCommerce unicorns – start-up companies valued at more than $1bn – and the greatest concentration of eCommerce start-ups anywhere in the UK.
“Greater Manchester’s rich history of digital innovation has provided the perfect platform for today’s tech and eCommerce success stories, attracting talent and investment and creating thousands of jobs,” said Lou Cordwell, Chair of the Greater Manchester Local Enterprise Partnership. “The Greater Manchester Economic Vision includes plans to further harness the opportunity that digital provides to deliver economic recovery and growth locally and on behalf of UK plc.”
Top names such as THG, AO and Boohoo are operating out of the city with some extremely exciting start-ups, including Mirror web, Degree 53, Goodbox and Sorted. These ambitious and energetic companies promote the vision Manchester seeks to create for itself – that of a bustling, thriving, future-driven economy.
Meanwhile, the surging tech sector is creating a boom in the local property market. Young professionals are flooding into the city, with Central Manchester properties being among the most sought after in the country.
Therefore, the scene is set for a renaissance in Manchester, attracting entrepreneurs, investors and property speculators looking to be part of the city’s booming market.
Love Manchester? Discover more in our destination guide,
and contact us today to secure your next real estate investment.
