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Manchester is now one of the UK’s most highly ranked cities when it comes to property investment. Boasting some of the highest rental yields in the UK, most affordable property prices, a high demand, and plenty of other benefits, investors from around the globe are looking up North for a lucrative and worthwhile investment. If you’re considering making a property investment in Manchester, find out more about the benefits of investment in the city, which parts of the city are best to invest in, and what types of property you should consider.
Why you should invest in Manchester
A cultural hub, thriving student city, and the place to be for business, there are plenty of reasons to invest in property in Manchester. One of the main selling points of Manchester for property investments is the rental returns that buy to let investors can expect in the city. The average rental yield of Manchester as a whole is 5.55%, which is a large degree higher than London’s 3.05% average. The price of house prices and the fact that rental prices are growing are the reason for these attractive yields, with a large number of people seeking high-quality property in the city. Those investing in Manchester can expect a lot of future potential, too. With plenty of exciting regeneration plans in store, such as new city centre neighbourhood, St Johns, and striking new skyscraper buildings, capital growth is expected to grow significantly over the years.
Where you should invest
The city centre in Manchester is one of the best areas for property investors to consider, mainly due to the high levels of demand. Manchester is gaining a lot of attention as a thriving business city, resulting in more young professionals and graduates to take advantage of the opportunities on offer. Since young professionals are more likely to want to rent a property that’s close to their workplace, an influx of this type of target market means a high demand for city centre property. Companies like RW Invest offer fantastic investment opportunities in Manchester city centre, with yields as high as 8 and 9%.
Other popular areas of Manchester include Salford which is a thriving student destination, and up and coming areas like Wythenshawe and Droylsden which boasts rental yields reaching heights of 7%. Tameside is another popular investment area in the city, with a growing population, low house prices, great transport links and an excellent choice of schools, making this a perfect area for families looking to rent or buy a home.
What property types should you invest in
Residential city centre properties are a great option in Manchester, appealing to the cities growing population of young professionals. Another of the most profitable property types for investors in Manchester is student property. Home to the UK’s largest single-site university, and with a student population of over 99,000, student accommodation is always in demand in the city. The added benefit of this is that student properties offer great rental returns for investors, usually being inexpensive to buy, but with high rental costs depending on the property. Look for more luxury student properties with a modern and stylish design, amenities like fast WiFi, and proximity to their campus as this type of accommodation is likely to attract students that are open to paying more for their rent, which will boost rental yields overall.
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