Behind London and Birmingham, Manchester is the UK’s third biggest city, and it’s continuing to grow. Investors are becoming more aware of other important areas to invest in the UK, and the influence of the North is definitely increasing.
Manchester is well renowned within Europe as a city that is on the up, and features highly in the Government’s agenda to create a Northern Powerhouse. As a result, it is currently receiving a high level of investment and urban regeneration. This means it has become an ideal and attractive place to move into and is highly appealing to young professionals. For the shrewd investor, this means a high return on buy to let properties and LendInvest’s ‘Buy to Let Index Report’ gives Manchester postcodes within the top ten places to invest over the next few years.
South Manchester contains a high number of properties with three or more bedrooms. This means a high number of properties suitable for family homes, groups of young professionals or those looking at converting a house of multiple occupation. It’s an ideal place for property developments in Manchester. The local authority hasn’t committed to building a large number of new properties across Manchester and the demand for affordable housing continues to go up. With property developments now popping up in suburbs like Cheadle Heath and other areas that are still within easy reach of the city centre, it’s the perfect time to invest in property in Greater Manchester.
A £1.5 billion fund was awarded to Manchester to update its transport schemes and more money is likely to be funnelled into Manchester Airport over the next few years. The city has weathered the financial crisis much better than many smaller surrounding cities and continues to act as a draw for companies and individuals who want something different than London. The arrival of the BBC has seen a significant redeployment of the TV industry into the North, and Channel 4’s recent move to Leeds, whilst disappointing to Mancunians, is only a stone’s throw over the Pennines.
Manchester is somewhat more expensive than surrounding areas and this makes it difficult to invest in just for discount and yield. But with research, there are great investment properties available and there is potential for good return on some rentals. As Manchester continues to soak up people from all over the country, you can expect prices to continue to rise. This makes it one of the safest bets for capital growth in the North West.
Manchester is fast becoming the London of the North West, in the same way that Bristol is becoming the London of the South West. There is likely to be a continuing demand for property development across the city and house prices may be set to rise. If you’re looking for good property developments in Manchester, then our guess is that it will pay dividends in the long run. Remember those people who bought their houses in London in the 60s, 70s and 80s? Look where they are now.