Climbing house prices
Over the past few decades Manchester has earned itself a reputation as the powerhouse of the North. As the economy grows, and the city becomes an increasingly popular place to live and work, property prices have risen by over 300% since 2002—which is more than anywhere else in the UK. Furthermore, Savills predicts average property prices in the Northwest region will climb a further 18.8% by 2026, making it a strong bet for investors.
Rising rental yields
As a result of rising house prices, many are struggling to make their way onto the property ladder. This is bad news for millennials, but good news for those with a stake in the Manchester rental market.
Demand is outstripping supply in terms of rental accommodation, pushing the average asking price up by 23.4% in the past year according to Rightmove; this is a larger increase than any other UK city.
Studio apartments in particular have increased by 10% in only one quarter, going above £800pcm for the first time.
With no shortage of prospective tenants, landlords and buy-to-let investors are in a good position and the future looks bright.
A business, digital and creative hub
But there’s much more to this surging demand in rental accommodation than rising property prices. People are moving to Manchester from all parts of the UK to play a part in its thriving economy.
The UK’s second city, Manchester is a business hub bursting with employment opportunities.
Some of its major draws are Spinningfields, the city’s stylish financial centre, and MediaCity—a community of digital and creative businesses including the BBC and ITV.
One of the best cities in the world
Students and young professionals are flocking to Manchester to further their careers, whilst benefitting from its vibrant culture and lively social scene.
The city has a real up-and-coming feel. It was recently ranked the 13th best city in the world by Time Out, which is higher than any other city in England, and above celebrated destinations like Paris and New York.
Once-derelict areas are quickly being transformed into thriving communities. New Islington Marina, for example, was mostly wasteland 12 years ago. Now, it boasts an exquisite marina lined with premium apartment towers, cafes, bars, an abundance of green space and even a primary school—for the many young families that call it home.
Investing in Manchester rental properties
Despite the surge in residential developments over the past few years, Manchester is still struggling to meet the rising demand for rental properties in the city centre. This has attracted the attention of buy-to-let investors around the world.
With property prices expected to continue to grow, investors would be wise to buy now whilst properties are still relatively affordably.
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