For both domestic and international real estate buffs, property investment in Manchester is the latest buzzword. Once leading behind popularity trails and beaten by London, now, the centre and outskirt boroughs look set to overtake the capital as the UK’s leading destination for business, residential properties, rents, economy, and education.
Whether you want invest in properties for capital growth, a buy-to-let rental income or to tap into a housing market with high liquidity, the city ticks all the boxes. Let us discuss why, and what buyers can expect from the future. The robust prediction of 20% growth over the next three years easily attracts international and domestic property investors looking for new homes. What’s even better is that historical records show it outranks the rest of the UK for capital appreciation.
Property Investment in Manchester
Manchester Market Predictions
So what is working in its favour when it comes to investing in real estate? Increasingly more people move up from the south to buy a property, therefore create strong demand, especially for working professionals looking at renting or getting their foot on the housing ladder. The strong demand affects the real estate investment market, more than in other major cities like Birmingham, and Nottingham.
Understanding the trend is easy, because property prices in other cities prove too expensive for many workers and families, especially to buy their first home. People get more for their money here. This trend started three years ago but shows no sign of letting up. Many people, including young professionals, can no longer afford the average house price and now turn to Manchester as the best next destination for rental property, so landlords have less chance of vacant properties.
Rental Property Investment
Look at the high number of overseas investors owning and flipping new build buy-to-let properties, or even a second home to rent out. Attracted by a steady growth pattern and predictions, competitive demand, and rental yields, the vibrant social and cultural scenes, provides any landlord with everything to advertise their property effectively. They can easily achieve a good rental yield and occupied rates, and find tenants. Simple Business says the average cost to rent a one-bedroom centre flat is £758 or £541 in the greater outskirt suburbs. Meanwhile, three-bedroom centre flats are £1,368 or £890,74 outside of it. This is a win for landlords and renters.
The City’s Future Vision
So, what is Manchester doing to turn it into the UK’s real estate hotspot for home owners? They are pumping millions back into the economy, transport, and infrastructure, and boosting commercial property as well. Over the last six years, they have pumped over 300 million into helping businesses grow, creating job opportunities and further education skills for workers. They also belong to the Northern Power House program that empowers cities through good investment in transport, skills, and local businesses.
Investment Opportunities – Where to Buy Properties
Ten official districts are each governed separately, so investigate carefully to make sure you invest in an area matching your expectations for a long-term investment. Hot spots areas to diversify for apartments, residential property, commercial real estate, or a buy-to-let resale include Trafford, Stockport, Bury, Rochdale, Bolton, Tameside, and Oldham.
However, most estate agents agree, the centre remains the prime spot for real estate investors, and to be a homeowner. Besides that, Salford shows much potential, for affordability, house prices, family homeowners, and its enormous student base. Buying a house in Trafford is also worth looking at for rental properties, considering the prime amount of jobs generated through establishments like Trafford Park and MediaCityUK.
Recap – Why Invest in Manchester
New Go-to Destination: People are ditching London, because high apartment prices are a financial hardship. The growing population of students and young working professionals makes Manchester the UK’s go-to destination to become a home buyer, investment options, and for rental income.
Booming Economy: Increasingly more people from outside are looking at investment houses for sale, but local councils aren’t content to rest on their current success. They are pushing ahead financially to make the economy, the UK’s best performing and reinvesting in local business and attracting international firms.
Fast Transport Network: As well as an economic investment, millions are being ploughed into the transport links and the network. The HS2 railway system going to places like Birmingham, will cut travelling times by half and be more environmentally friendly. Manchester will connect to other UK destinations, in a way never seen before.
Urban Lifestyle: Some cities excel at certain lifestyle aspects and neglect others, but the city is an all-rounder. Top notch shopping, food, student accommodation, tourism, education, business, art, culture, and fashion enables promotes an ideal urban lifestyle. To buy a house in Manchester is to make money and invest in the future.
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Buy to Let Alternatives: In this article, we assess the growing trend of owning a lucrative holiday let, compared to traditional buy-to-let investments. Including reasons to invest, legal fees, ways to make it profitable, becoming a landlord, as well as where to buy, it covers the topic substantially. Also see our blog to find out more domestic and overseas property news, as well as investment advice.
About Us: We are Spot Blue, a real estate agent based in London. Our knowledge of the property market, both at home and abroad has helped thousands of home buyers find an ideal investment opportunity. We walk our clients through each step of buying property to provide a top-quality service. If you want to invest in property, or are buying a home for your family, contact us today.