Property Values In Manchester Rising
If you are buying a home, it is likely that your first thoughts relate to whether the home is suitable for your needs. There are many factors to consider when buying property and it must be a place where you can live happily, in comfort and where you can carry out all your main activities. However, there will also be many people who appreciate the investment aspect of property buying and there is good news for homeowners in Manchester and Salford.
This positivity is down to a recent report which suggests that value of property in these areas is increasing by more than the national average. In the three years to July of 2017, house prices in Manchester have increased by 34% and in Salford, the increase has been 38%. With the national average coming in at 30%, both areas are scoring well and providing homeowners with reasons to be cheerful about their home.
Optimism abounds in Manchester
This positivity has also been seen in findings in a recent survey carried out by Zoopla. The company found that 84% of property owners in the area believe that house prices in Manchester and Salford will continue to rise. When the survey was last carried out, in November of 2017, only 70% were optimistic about an increase in property prices, so there is a genuine increase in optimism surrounding the area.
The level of optimism can also be measures by the fact that homeowners believe the value of their property will increase by 6.9% in the next six months. This is the largest level of consumer confidence since early 2016 so many people are starting to view the UK property market in more positive tones. There is no denying that there has been a lot of negativity surrounding the UK property market in recent times but there are signs that the market is growing in the right direction.
Manchester appeals to property investors
Manchester is also an area that offers the chance to enjoy a good return on investment in the property market. Some investors have enjoyed annual returns ranging from 11% to 20%, which is something that would please most landlords and investors. With respect to the average rental yield in Manchester and Salford, a return of around 5.3% is expected, which is still appealing and should be of interest to investors.
Despite the growth in values, Greater Manchester remains an attractive proposition to investors with increasingly strong rental yields leading to annual returns of between 11 per cent and 20 per cent being recorded over the same period.
Salford and Manchester have enjoyed historically high rates of house price inflation and it appears initial rental yields are holding well at current market prices. Add in the fact that more than half of the housing stock in Manchester is found in the Private Rented Sector and you have an area that is proven to be a winner when it comes to the rental market.
No matter what you want to achieve in the Manchester rental market, get in touch with Peter Anthony. We are local property and rental specialists and we look forward to assisting you.