If you’re even vaguely familiar with UK property investment, you have no doubt come across Manchester somewhere along the line.
With house prices typically proving to be some of the best on offer, the city has a strong reputation for being the top dog in the property market.
With house prices in the area proving to be some of the best on offer in the UK in 2021, particularly in terms of growth, Manchester has a strong reputation for reigning supreme in the UK property investment world.
And, with the Manchester rental market predicted to see even more growth in the years to come – as the city continues to expand in population and industry – this is a reputation it undoubtedly intends to keep.
Rising Property Prices
The latest data from property group Savills see property prices in the North West region rising by around 18.8% over the next five years.
It’s clear then that some very lucrative returns may be on the way for those looking to invest in Manchester buy-to-let property.
Soaring Rent Prices
In January 2022, alongside property prices, rent in Manchester also hit skyrocketed – with studio apartments rising to around 10% (£76pcm) in only one quarter, taking the average studio rent to above £800pcm for the first time.
With such a substantial rise in rent, it’d be difficult to deny that the rental market in Manchester is booming – and there are no signs of it slowing any time soon.
In fact, an estimated 517 properties were let in the city at the beginning of the year, which is significantly higher than any pre-COVID average.
When you also factor in that alongside this, every month in 2021 saw lettings numbers remain above the pre-COVID average, it’s clear that if you’re after a resilient rental market – you can’t go wrong with Manchester.
Regeneration Efforts
Regeneration is often a sure-fire sign that a city is worth time investing in.
This is mainly because it’s such an attractive quality.
Cities that engage in these kinds of projects typically see a notable boom in rental demand and capital growth – since rejuvenation sees the spot becoming a better place to live, and the properties there, consequently, offer higher rental demand.
At the moment, there are countless regeneration projects ongoing in Manchester.
One of the most prominent is Manchester Waters.
A decade-long project, Manchester Waters covers around 26 acres of land and is expected to provide over 2000 new homes.
Just a 10-minute walk from Old Trafford, this area will undoubtedly attract residents from all over the globe.
Of course, this is (again) great news in terms of rental demand and market growth.
Why Should You Invest in Manchester?
Why is property to let in Manchester such a popular option? Why do investors choose the North West city over London and Birmingham?
It isn’t just rental yields, house prices, and rental demand; the city also offers world-class infrastructure, regeneration, employment opportunities, and economic growth.
Whilst this all sounds well and good, no investment comes entirely without risk; property is, of course, no exception to this rule.
But, if the last few years have taught us anything – anything is possible.
And the only thing you can do when anything is possible is to be prepared as possible.
So, do your research.
Research every aspect of a potential investment area thoroughly before making any final decision – know the latest stats and figures, and keep up to date with the latest predictions.
If you at least have some idea of what you’re doing, you’ll be on your way to success!
