Recently named as the UK’s best buy-to-let hotspot, Manchester is an ideal location for investors. The secret to Manchester’s success can be put down to a number of key factors including dramatic changes to the region which have seen business boosted, infrastructure improved and a significant rise in tenant footfall as people recognise the benefits of living in the city.
One of the largest metropolitan areas in the UK, and the UK’s de facto second city, Manchester rivals London across many sectors. Economic growth in Manchester has outstripped that of capital since 2014 and this looks unlikely to change any time soon as the city continues to attract global investment, tourism and population growth.
Similarly, Manchester’s property market offers a stark contract to that of London, where the capital’s broken housing market has resulted in average property price sitting at £678,013 according to property portal Zoopla. In addition the average deposit in London is an eye-watering £139,987 according to L&C Mortgages, who also expect that this will rise to a staggering £244,842 by 2027.
With the majority having been priced out of the market in the capital, interest has instead turned to cities like Manchester where a robust and buoyant property market appeals not only to investors, but to renters as well.
Millennials in particular have been drawn to the North West where they have found that the far more manageable rental prices and excellent employment opportunities ultimately result in a better standard of living.
Last year a study from the Office for National Statistics showed that, in 2016, 291,620 people moved away from the capital, an increase of 36,480 from 2012 – the highest rate of people moving out of London since 2007. We can combine this with similar research from Hamptons International which shows that 20% of those who departed the capital chose to relocate to the Midlands or the North West.
With this in mind, Transport for Greater Manchester anticipates that Manchester’s population will exceed three million by 2040, meaning that the city will require 200,000 new homes to keep up with growing demand. One way that this demand is being met is with an increase in the number of buy-to-let apartments which are eagerly being snapped up by savvy investors who recognise the benefits of healthy returns, low void periods and the potential for excellent capital appreciation over the build period; property prices in Manchester have increased by over 35% in the last five years alone.
As well as benefiting property investors, residential off-plan developments in some of the city’s key areas are fundamental to the successful future of the region, offering the huge number of working professionals high-quality rental accommodation which can be hard to come by. With the Greater Manchester region home to more 25-29 year olds as a percentage of the overall population than any other place in the UK, the demand is clear.
Bridgewater Wharf is the latest addition to the busy Manchester rental market and one of the premier buy-to-let opportunities available. Located just a short walk from Manchester city centre and MediaCityUK, one of the most exciting business hubs in Europe, the development will be ideal for young professionals eager to carve out a career in the city.
The development will bring 376 stylish apartments to market, with a mixture of one, two and three bedroom apartments as well as a selection of large townhouses. In addition the contemporary design looks toward the future, with a number of electric charging points for cars, secure bicycle storage, parking on additional units and a modern private residents’ gymnasium. Prices at Bridgewater Wharf start from £119,995.
Source: Property Forum