The unofficial “capital of the north”, Manchester is very much the heart of the Northern Powerhouse initiative and since the launch of this scheme it has undergone an impressive process of transformation from having an economy largely based on traditional, heavy industry and agriculture, to having a modern, digital, knowledge-based economy. This transformation has increased housing demand, making buy-to-let in Manchester a popular choice among property investors.
The local authorities in Manchester are doing all they can to maintain this affordability, even though the population of Greater Manchester has been growing rapidly for some time and so are working closely with developers to increase the available housing stock. As a result, investors looking for the best bargains are likely to have plenty of options to buy off-plan buy-to-let property in Manchester.
Demand for rental property is high, due in no small part to the universities and the significant population of young adult professionals, which means that it’s very feasible for investors to achieve good rental yields from Manchester buy-to-let property investments. It’s also worth noting that the fact that Manchester has a brisk housing market means that it’s not only easy for investors to expand their rental portfolio if they wish, but to also exit their investments with good capital growth.
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At current time, investors in Manchester buy-to-let property can look to achieve rental yields in the region of 7% to 8%. Here are some of the top areas for buy-to-let property investment in Manchester.
Fallowfield (M14) - Fallowfield is pretty much synonymous with students as it is both affordable and very convenient for the main University of Manchester campus. The M14 post code also contains Rusholme, and Moss Side both of which are also popular with the student population.
The M6 postcode (Pendleton, Claremont, and Langworthy, part of Salford) - While everyone who knows Manchester knows that the M14 postcode is, essentially, an extension of the University of Manchester, it may be less well known that the M6 postcode also has a fair share of students and also young adult professionals.
Salford - In addition to its university, many of the students at which look for rental accommodation in the M6 postcode area, Salford is also home to MediaCityUK, which now contains far more than just the BBC. As you might expect from one of the UK’s biggest hubs of digital and creative industry, MediaCityUK has a significant number of young adult professional workers, many of whom start out as renters and specifically look for accommodation within convenient distance of their place of work.
Published: 20 November 2018Manchester – Britain’s Second City. A contentious claim for sure, but it’s one I’m sticking with. I’m a proud (Greater) Manchester lad, so I’m allowed to be biased, however the evidence to back up this claim is undoubtedly impressive.
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